Coty Has A New CEO
Bernd Beetz, Coty’s Chief executive for 11 years, steps out while Michele Scannavi, a Coty executive and former head of FILA Sportswear steps in as the new CEO of one of the biggest and most important beauty products manufacturer whose main businesses are fragrances and has been making a lot of headlines lately due to their collaboration with Lady Gaga for the release of her highly anticipated Fame Fragrance and their attempt to buy Avon. The news of the new CEO comes while the company prepares for a share listing in New York that is expected to give it a market value of up to $700m.
As reported earlier by WWD, the french brand, famous for partnering with big-names as Beyoncé, David Beckham, Marc Jacobs, Balenciaga and Jennifer López to produce fragrances, filed IPO documents with US regulators at the end of June as it sought to move on from a failed $10.7bn takeover bid for rival Avon.
Mr Beetz, who will remain on the Coty board, declined to comment on the timing of the IPO. He also did not comment on whether Coty would launch another bid for Avon, a troubled group that consistently stonewalled approaches from Coty. But did say... “It’s a good crossroads as we embark on the IPO”.
Bart Becht, Coty’s chairman and former chief executive of Reckitt Benckiser, said in a statement that Mr Scannavini “is the key architect behind Coty’s designer brand licenses and the growth of our fragrance business”.
Mr Scannavini was previously chief executive of Fila and before that reported to Mr Beetz when both men worked at Procter & Gamble.