New Coty Division Combines Portfolio
Coty Inc. creates a new global business unit, Coty Beauty, which combines the mass businesses of the Americas, Europe and Asia. Leveraging the combined power of the Coty Beauty portfolio, the newly created division will be led by Hans Joachim Honigfort, former president of Coty Beauty Europe. Under his leadership, Coty Beauty will further strengthen the portfolio's existing success while performing towards global dimension, and creating new opportunities in Asia. "The new organization of Coty Beauty combines the force of Coty's strongest brands on the market with the most talented minds in the industry," commented Honigfort. "Together as one division, Coty Beauty will continue to ignite growth, further globalize our portfolio and strengthen Coty's name in the beauty industry." The Coty Beauty brand portfolio is widely distributed and includes adidas, Aspen , Astor, Baby Phat, Celine Dion, Chupa Chups, David and Victoria Beckham, Desperate Housewives, Esprit, Exclamation, Isabella Rossellini, Jovan, Kylie Minogue, mary-kateandashley, Miss Sixty, Miss Sporty, Nautica, Phat Farm, Pierre Cardin, Rimmel, Shania Twain, Stetson and Vanilla Fields.
Avon Initiatives to Yield More Than $400 Million
Avon Products Inc. expects annualized benefits from Product Line Simplification (PLS) and its Strategic Sourcing Initiative (SSI) to exceed $400 million when fully realized. Coupled with savings from its previously announced restructuring program, Avon said total savings and benefits from the combined initiatives are expected to exceed $700 million. "We are pleased that these incremental benefits will provide us with additional fuel with which to continue to drive our turnaround," says Andrea Jung, Avon's chairman and chief executive officer. "We are seeing strong paybacks from our investments to drive growth, and in 2007 we will again invest in the business at accelerated levels, to build a strong foundation for sustainable growth." The company will use the savings and benefits from its restructuring, PLS and SSI initiatives to fund increased investments in both its brand and channel.