Coty is figuring out what life post-Gucci looks like.

On Wednesday, in its first earnings report since Kering announced that it would soon lose the
rights to make Gucci beauty for L’Oréal, Coty reported a 6 percent drop in netrevenue to $1.58
billion. While the larger 9 percent hit came from its longer-suffering mass consumer beauty
unit, which includes Covergirl and Rimmel, its prestige arm, which houses Gucci, also declined
by 4 percent.

While Coty has said that no one license partner comprises more than 10 percent of overall
revenues, the Gucci brand carries weight with consumers. The license, set to expire in 2028,
brings in around $500–$600 million for Coty annually.