The cosmetics concern includes about 80 perfume brands.
The French-American cosmetic concern Coty is shutting down its activities in Russia. This was reported by Bloomberg with reference to the company’s statement.
The decision was preceded by a “thorough discussion, including an analysis of the relevant regulations of the United States, Great Britain” and other countries. According to the agency, the concern’s sales in Russia in 2021 amounted to 3% of the total profit.
“While the full financial implications of this decision, including the long-term outlook, are still to be determined, it is not expected to affect Coty’s ability to achieve its previously published revenue forecast for fiscal year 2022,” the statement said.
Coty includes about 80 perfume brands, including Alexander McQueen, Bottega Veneta, Burberry, Calvin Klein, Chloe, Gucci, Hugo Boss, Kylie Skin, Marc Jacobs, Miu Miu and Tiffany.