Shein looks to Mexico for manufacturing

Image: Shein Ireland via Shein Group Shein, the Chinese ultra-fast fashion giant, has made a strategic move to commence garment production in Mexico. This decision comes as Shein aims to diversify and localise its manufacturing capabilities and strengthen its foothold in key markets such as Latin America and the United States. The company, headquartered in Singapore, recently announced plans to allocate 70 million dollars over the next five years to empower its ecosystem of third-party manufacturing suppliers. In addition to Mexico, Shein has also set its sights on Brazil as a manufacturing and export hub for the Latin American region. This localisation strategy has proven to be one of Shein's most successful approaches to date, allowing the company to tailor its factories and production facilities based on the specific needs of local markets. Moreover, this move serves as a deliberate effort by Shein to reduce its political dependence on China and avoid any potential issues with the United States, a key market for the company. Recent concerns were raised when a U.S. federal commission reported that Shein sourced cotton from China's Xinjiang region, which has been banned in the U.S. due to its association with Uyghur forced labour. To address such challenges and maintain its growth trajectory, Shein plans to fund its expansion into Mexico and Brazil using the two billion dollars in capital it raised from investors. Despite a valuation cut to 66 billion dollars in its latest funding round, Shein continues to achieve impressive annual revenue growth of 40 percent, as reported by Reuters. Localising production Shein's ambitious plans for Brazil involve an expectation that 85 percent of its sales will be driven by local manufacturers and vendors by the end of 2026. While the company has not yet commented on its specific strategy for Mexico, Marcelo Claure, Chairman of Shein in Latin America, emphasised the significance of leveraging global scale and operational excellence to support local economies and ecosystems. In a statement made in April, Claure highlighted the opportunity to further localise the supply chain to benefit consumers, small businesses, and the broader economy. Shein's move into Mexico and Brazil represents a calculated step towards solidifying its digital presence and expanding its marketplaces in the fast-paced world of fast fashion.
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American Eagle Outfitters lowers FY outlook

Image: American Eagle Outfitters American Eagle Outfitters (AEO) has lowered its full-year guidance after reporting a small increase in revenue and narrowing profits in the first quarter. In the three months to April 29, revenue at the US fashion retailer increased 2 percent to 1.1 billion billion dollars, with store revenue up 5 percent but digital revenue down 4 percent. Breaking it down by brand, revenue at its namesake label dropped 2 percent to 671 million dollars, while revenue at Aerie rose 12 percent to 359 million dollars. Total net income narrowed to 18.45 million dollars from 31.74 million dollars a year earlier. “We entered 2023 with a cautious plan, balancing continued optimism for our brands with the flexibility to navigate uncertainty in the macro environment,” CEO and chair Jay Schottenstein told investors. He said he was “pleased to note that this strategy delivered for us, as we successfully managed through the first quarter and achieved results in-line with plan”. Full-year guidance AEO lowered its full-year outlook based on its first quarter results. The company now expects revenue in the range of flat to down low-single digits, compared to its previous guidance of flat to up low-single digits. Meanwhile, it expects operating income in the range of 250 million dollars to 270 million dollars, down from its previous estimate of between 270 million dollars and 310 million dollars. Schottenstein said: “With ongoing macro challenges, we are maintaining a clear focus on inventory discipline, cost savings and efficiencies across the business. “Looking forward, our priority is to rebuild operating margins, while also seeking opportunities for profitable growth and to deliver more consistent shareholder returns.”
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Lenzing announces strategic partnership with Karl Mayer Group

Image: Lenzing fibre Lenzing Group, a leading global producer of wood-based speciality fibres, is teaming up with Karl Mayer Group, who manufacture textile machinery to facilitate the adoption of more botanic, biodegradable and fossil-fuel-free materials during textile production in both warp knitting and flat knitting machines. In a statement, Lenzing said that the strategic partnership would empower sustainable and aesthetic innovations in flat and warp knits as it strives to increase the adoption of fossil-fuel-free materials to achieve “a greener textile value chain”. The partnership will enable the adoption of Lenzing-produced Tencel Lyocell fibres and Tencel Lyocell filament yarn in warp knitting machines and further reduce the environmental impact of using Stoll flat knitting machines with the use of carbon-zero Tencel fibres in its fully fashioned flat knitting process. Florian Heubrandner, vice president of global textiles business at Lenzing, said: “Lenzing continues to join hands with like-minded partners to pioneer solutions that improve the quality of textile products and enable the ongoing sustainable development and growth of the industry. “Through this partnership with the Karl Mayer Group, we will inspire the textile value chain to take proactive steps towards achieving their climate goals with easier adoption of botanic and biodegradable materials, meeting the needs of brands and consumers who are looking for eco-conscious products.” Image: Karl Mayer Group Arno Gärtner, chief executive of Karl Mayer Group, added: “The Karl Mayer Group is a leading manufacturer of textile machinery and always has its finger on the pulse of its markets. In addition to productivity, sustainability has become a key success factor for our customers. We work with pioneers throughout the textile value chain to provide them with solutions that have a low environmental impact. “Yarn is particularly important in this respect. Recycled man-made fibres can be used with high efficiency on our machines. We want to expand the range of materials that can be processed to include petroleum-free yarn variants through our cooperation with Lenzing. In addition to more sustainability, this will also open up the potential for new product developments.”
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Haus Labs by Lady Gaga to launch exclusively at Sephora UK

Image: Haus Labs by Lady Gaga Beauty The make-up brand Haus Labs by Lady Gaga is to debut in the UK, exclusively at Sephora UK, next month. Lady Gaga’s brand, which is already sold exclusively at Sephora in the US and Canada, will be available from the beauty emporium’s new UK store at Westfield White City and online at Sepora.co.uk from June 6. The viral and award-winning Haus Labs beauty brand offers products in nine key categories across colour and complexion, and the UK line-up will include all 51 shades of Triclone Skintech Foundation, which has become a viral hit on TikTok with more than nine billion views. Image: Haus Labs by Lady Gaga “I’m extremely excited to announce that we are bringing brand-new, supercharged, clean artistry make-up to the UK, through a place that has inspired me for years, Sephora,” said Lady Gaga in a statement. “At Haus Labs, artistry is for everyone, and no one should have to damage their skin or sacrifice their principles and values to be self-expressive with high-performance make-up.” Sylvie Moreau, president of Sephora Europe and the Middle East, added: “We are very excited to launch Haus Labs by Lady Gaga exclusively in the UK market. At Sephora, we are constantly looking for innovative brands to bring to our customers. We are confident they will be thrilled to discover the creative and inspiring world of Haus Labs and thrilled to experience the brand’s game-changing formulas.” The make-up brand will be available from Sephora from June 6. The retailer will also be hosting an evening with Haus Labs global artistry director Sarah Tanno, who will be conducting a pro make-up tutorial at Sephora Westfield. Image: Haus Labs by Lady Gaga Image: Haus Labs by Lady Gaga
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Zara names Stripe as payments partner for resale platform

Image: Zara; Zara Pre-Owned Stripe, a financial infrastructure platform for businesses, has been selected as Zara’s payments partner to process all payments for the retailer’s pre-owned clothing marketplace, Zara Pre-Owned. In a statement, Zara said it will use Stripe Connect to move funds between buyers and sellers of pre-owned Zara products. The multi-payment infrastructure tool will enable the retailer to embed Stripe’s global payments platform directly into the Zara Pre-Owned marketplace, offloading all payments-related requirements onto Stripe, while keeping the customer experience fully Zara branded. The Spanish retailer launched Zara Pre-Owned in the UK last year, allowing customers to resell their Zara items through a peer-to-peer process. Sellers take pictures of their unwanted Zara products, which are then cross-referenced with Zara’s product portfolio, giving potential buyers detailed information on the items they wish to purchase. The platform also offers Zara customers the option to donate their clothes or request a repair. The Zara resale platform is expected to expand across other European markets in the second half of 2023.
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Shein secures two billion dollar raise, cuts valuation by third

Image: Shein Fast fashion giant Shein has reportedly raised two billion dollars in its latest round of funding, placing its valuation at 66 billion dollars. The new figure, reported by The Wall Street Journal, is a third off the 100 billion dollars that Shein was initially valued at last year, and comes despite the retailer raking in around 23 billion dollars in revenue in 2022. The raise is seemingly unfettered by the continued scrutiny the Chinese company has been placed under, both for its lacklustre environmental practices and its heavily reported workers rights allegations. In a bid to improve its identity on an international scale, the firm has been setting up shop outside of China, most recently opening a headquarters in Dublin where the core of its EMEA operations will be. The news also runs alongside reports that Shein has set its sights on re-entering India, a market it had been banned from over two years ago. Through a strategic partnership with Reliance Retail, Shein will now have access to the Indian firm’s sourcing capabilities and logistics infrastructure, according to media reports, along with the group’s network of online and offline stores. The company has also faced a challenge from the rapid growth of competitor Temu, which has sprung up in recent months and offers a similarly affordable alternative to Shein, despite also being a firm originating from China.
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Percival bolsters board to lead brand strategy and business growth

Image: Percival/VGC Partners; Cheryl Calegari, non-executive chair and Dan Rookwood, board director British menswear brand Percival, looking to double sales figures and expand international growth, has appointed Cheryl Calegari as non-executive chair and Dan Rookwood as a board director to bolster its investment group VGC Partners board. In a statement, Percival said that the Calegari and Rookwood bring a wealth of experience and will be instrumental in leading brand strategy and business growth alongside the menswear brand’s senior management team, led by chief executive Christopher Gove. The move is part of Percival’s brand ambition to become synonymous with menswear globally, offering a direct-to-consumer platform that “delivers accessible uniqueness to every man’s wardrobe”. During 2023, the brand has set ambitious goals to double sales figures by focusing on expanding product categories and international growth. Commenting on the appointments, Gove said: “We are delighted to have Cheryl Calegari and Dan Rookwood supporting us on our growth journey, their wealth of brand and industry knowledge working with market-leading retail businesses is a huge asset to our team. “They are both great additions to our board and will help us drive and deliver our forecasted business performance for 2023 and beyond.” VGC Partners appoints two new board members to grow menswear brand Percival Calegari is currently an independent consultant and advisor, supporting brands and striving to make a positive impact on their business, people, culture and customers, and has most recently been advising high-growth brands Therabody and luxury sneaker retailer Kick Game with a focus on marketing strategy and business development. Her previous roles include being vice president of marketing for Beats By Dre and senior director of global brand marketing at Converse. “Percival is a brand that truly disrupts the norm with a considered design aesthetic, collaborations and product innovation and Percival’s ambitious growth journey,” said Calegari. “Throughout my career, I have helped lead transformational brand building, iconic creative, cultural connectivity and business results and look forward to championing this next chapter.” While Percival adds that Rookwood brings “an abundance of fashion and brand industry knowledge,” and has been working with Percival’s investment group VGC Partners since June 2022 as head of brand supporting VGC’s portfolio to elevate all aspects of their brand and marketing strategies. His previous experience includes leading Nike’s editorial team globally, as well as being the US editor at Mr Porter and style director of Men’s Health. On his new role, Rookwood added: “I’ve been a brand fan of Percival’s since the very beginning, and I made the initial introduction to VGC years ago. I’ve enjoyed seeing the brand’s success, especially since VGC invested, but now to have the opportunity to be a part of that success as a director is a privilege and a pleasure. With my background in menswear and brand building, I’m excited about what I can bring to the table to help Percival fulfil its potential.”
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Not so carbon neutral: Gucci adjusts sustainability goals

Image: Gucci Salon, Los Angeles Gucci is under scrutiny for reportedly adjusting its approach to reduce its environmental impact, raising questions about the future of sustainable fashion. The report has drawn attention to Gucci's ambitious decadelong plan to reduce its environmental footprint, according to the Business of Fashion. Gucci was very vocal about its carbon neutral claims in September 2019. At the time the company stated that it had offset its greenhouse gas emissions from its operations and supply chain for the previous year. Gucci achieved this through supporting three UN-backed REDD+ projects in Peru, Cambodia, and Kenya. To achieve carbon neutrality, Gucci pledged to become carbon neutral across its entire supply chain by 2020. Additionally, the brand set targets to reduce its greenhouse gas emissions, water use, and waste production by 50 percent by 2025. This commitment to sustainability reflected Gucci's broader strategy to minimise its environmental impact. While some praised this move as a positive step towards sustainable fashion, others remained skeptical of carbon offsetting as an effective solution to combat climate change. Critics argue that offsetting fails to address the underlying causes of emissions and may perpetuate greenwashing practices. Need for transparency Gucci's decision to adjust its carbon neutral claim can be interpreted as a response to these criticisms, reflecting a desire for greater transparency. The brand stated that it is reevaluating its approach to offsetting and exploring alternative strategies to reduce its environmental impact. Parent company Kering has not made any statements or updates to its sustainability claims or initiatives across its Group. The issue of fashion companies making false carbon neutral claims is a growing concern within the industry. While some brands genuinely strive to reduce their environmental impact, there have been instances where companies have engaged in greenwashing, misleading consumers about their sustainability efforts. It is crucial for consumers to be discerning and hold brands accountable for their claims. Scrutinising the transparency and credibility of a brand's sustainability initiatives, such as verifying their carbon offsetting practices and certifications, can help in identifying companies that are genuinely committed to reducing their environmental footprint. Gucci, one of luxury fashion's most powerful and profitable businesses, can be no exception. This article has been adjusted after publication to provide our readers with the most transparent and factual news possible.
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2nd Denim Innovation Night to Showcase Country’s Capability in Innovation

Dhaka - 2nd Denim Innovation Night presented by Pacific Jeans held yesterday Tuesday during the 14th Bangladesh Denim Expo to showcase the innovation in the country’s denim industry. The show displayed the very latest in sustainably produced and innovative denim products from Pacific Jeans to apparel brands and retailers, embassy representatives, development partners and to the representatives of the industry supply chain. About 500 invited guests got the opportunity to witness first-hand the denim research, design and production innovation provided by the Bangladeshi denim Group highlighting the breadth and depth of denim innovation available in the country – from fibre, through to fabrics, design, manufacture and finishing – a true 'top-to-toe' representation of the very best of Bangladesh's capabilities in the denim field. Pacific Jeans Limited is the pioneer in manufacturing premium jeans in Bangladesh, exporting to over 50 countries. With a continuous focus on quality improvement and value addition, adoption of updated denim processing technology, commitment towards safe and sustainable industry, the group has become one of the preferred suppliers to leading global fashion retailers. The program was inaugurated by Commerce Minister Tipu Munshi, MP; while the Head of the Delegation of the European Union in Bangladesh H.E. Charles Whiteley was the Guest of Honor; President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan and Country Representative of the Japan External Trade Organization (JETRO) in Bangladesh Yuji Ando were special guests at the program. The 1st Denim Innovation Night was presented by Pacific Jeans during the 7th edition of Bangladesh Denim Expo in November 2017. The central theme of this 14th edition of Bangladesh Denim Expo is ‘Innovator’.
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Lululemon establishes partnership with textile recycling startup, Samsara Eco

Lululemon store in Hamburg. Image: FashionUnited Sportswear company Lululemon has announced a new multi-year collaboration with textile-to-textile recycling firm, Samsara Eco, as it looks to scale its circularity practices. The brand said that through the partnership it is aiming to make infinitely recycled nylon and polyester from its own products using the startup’s circular process. Samsara Eco offers the ability to recycle high-performance nylon and polyester blends, with the duo to utilise apparel waste to create new materials and therefore bring “lower-impact alternatives” to the performance apparel industry. Speaking on the collaboration, Yogendra Dandapure, Lululemon’s vice president, raw materials innovation, said in a release: “Nylon remains our biggest opportunity to achieve our 2030 sustainable product goals. “This partnership demonstrates what’s possible through collective innovation to solve unmet needs. “Through Samsara Eco’s patented enzymatic process, we’re advancing transforming apparel waste into high quality nylon and polyester, which will help us live into our end-to-end vision of circularity.” The partnership builds on Lululemon’s ‘Be Planet’ goals, in which it is aiming to create a circular ecosystem by 2030, largely led by the implementation of sustainable materials, shopping experiences like its re-commerce programme and textile-to-textile recycling. Samsara Eco’s CEO and founder, Paul Riley, commented: “We’re proud that this partnership is disrupting the apparel industry. Samsara Eco's ability to infinitely recycle blended textiles including nylon, provides an important solution to tackle the challenge of textile waste. “This has never been achieved before, and partnering with lululemon is a significant milestone that will accelerate the journey to closing the loop on textile recycling.”
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Shein to host 30 pop-up stores in EMEA, opens Dublin headquarters

Photo Credits: Shein, campaign image. Fast fashion giant Shein has continued on its path of growth in EMEA with the opening of its new headquarters in Dublin, Ireland, as well as plans to strengthen its physical presence in the region. The new office will be home to Shein’s strategic IT hub for EMEA and will function as the core of its operations in the area. The company stated that the opening of the site will include the appointment of 30 key roles to be made by the end of 2023. The various positions will cover areas such as data analysis, security engineering, finance management and legal, and will also see the expansion of its graduate programme into Ireland. To further its emphasis on the region, Shein further unveiled that it plans to host around 30 pop-up stores around the EMEA region in 2023, forming “an integral part” of its business model. Its presence has been bolstered in the past through the opening of three new distribution centres across EMEA in 2022, as part of its efforts to strengthen its nearshoring capabilities in a bid to improve speed of fulfilment. Speaking in a release, Leonard Lin, global head of government relations for Shein, said: “I am delighted to launch our EMEA headquarters in Ireland. Ireland’s pro-business environment and great access to talent make it an excellent hub for companies, including Shein, to manage and grow our business in the region. “Our Dublin office opening marks an important milestone in Shein’s growth in EMEA – which is one of our most important markets. We look forward to contributing to the growth of the local economies and to supporting local communities.”
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Nat-2 presents vegan sneaker made from recycled aluminium foil

Unisex, vegan Sleek Alchemist sneaker by Nat-2. Image: Nat-2 German footwear brand Nat-2 is dedicated to discovering unusual, natural materials for shoes, including stone, coffee grounds, corn, cork, mushrooms, fish leather, flowers, cannabis, red pepper, oxblood, leaves, moss and more. Now the brand has expanded its offer with a ‘Reduceusecycle' line that aims to find new, never-before-used materials to reuse and upcycle, and presents a vegan sneaker made from used and then recycled aluminium foil. To do this, Nat-2 has teamed up with the Israeli start-up for innovative textiles, Remeant. The result is the vegan, unisex Nat-2 “Sleek Alchemist” sneaker, whose upper is made from upcycled aluminium foil and reflective glass. The lining consists of Nat-2 bio-ceramic and the removable insole is made from real cork, while the outsole is made from 100 percent rubber. The heel and tongue have a smooth, reflective glass surface. Unisex, vegan Sleek Alchemist sneaker by Nat-2. Image: Nat-2 The Nat-2 Sleek Alchemist sneaker was designed by Sebastian Thies, sixth generation shoe designer and the brand’s founder. The shoes are produced under fair conditions in a small family production in Italy. The new Reduceusecycle line is not only about finding new, never-before-used materials for re- and upcycling, but also about accelerating new approaches and views on circular product design, solving existing problems and providing inspiration to rethink the way we consume. “Is it really okay to use aluminum foil for mostly unnecessary purposes like as a sandwich wrapper that lasts an hour if we recycle it afterwards again?,” asks the label. “Or would it be better to wrap your lunch in a paper bag and use other natural materials for your footwear?” The answer is “yes," of course, but until then and “while there are tons of aluminum waste every day, shouldn't we recycle it into new purposes and establish new aesthetics in fashion?,” continues Nat-2. So it is not about avoiding the problem of textile-to-textile recycling and taking away other industries' waste, it is about showing sustainable solutions for waste recycling until these waste volumes have been reduced and avoided. The Nat-2 Sleek Alchemist sneaker is available through the online shop Coilex via worldwide, carbon neutral delivery. No details have been given on the price yet. Unisex, vegan Sleek Alchemist sneaker by Nat-2. Image: Nat-2 Also read: *
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Aeffe swings to Q1 loss, sales decrease

Image: Moschino SS21 via Catwalkpictures In the first quarter of 2023, consolidated revenues at Aeffe amounted to 93,243 thousand, a 8.2 percent decrease at current exchange and 8.4 percent at constant exchange rates. The group posted a net loss of 330 thousand euros compared to a net profit of 8,943 thousand euros in the first quarter of 2022, recording a 9,273 thousand euros decrease. In the first quarter, consolidated adjusted EBITDA was positive by 12,304 thousand euros, down compared to 20,443 thousand euros last year. Consolidated EBITDA was positive by 11,518 thousand euros with a margin of 12.4 percent on turnover. Aeffe’s sales performance across core geographies The group’s sales in Italy with an incidence of 45.9 percent on turnover, were constant compared to 2022 at 42,757 thousand euros with the wholesale channel recording a decrease of 4 percent offset by 35 percent increase recorded by the retail channel. Sales in Europe with an incidence on turnover of 29.4 percent, increased 13.1 percent at 27,448 thousand euros. The company said in a release that retail shows an 11 percent decrease mainly linked to the closure of the Moschino boutique in London for the renovation works completed in March 2023. In Asia and the Rest of the World, the group achieved revenues of 17,539 thousand euros, with an incidence on turnover of 18.8 percent. At current exchange rates, sales in America, with an incidence on turnover of 5.9 percent, recorded a decrease by 42.9 percent. Aeffe reports drop in Moschino sales In the first quarter of 2023, Alberta Ferretti brand sales increased by 4 percent, generating 7.8 percent of consolidated sales, while Philosophy brand increased by 17.4 percent, generating 6.5 percent of consolidated sales. In the same period, Moschino brand sales decreased by 13.2 percent contributing to 73.5 percent of consolidated sales. Pollini brand increased by 23.1 percent, generating 11.2 percent of consolidated sales, while the other brands sales decreased by 50.1 percent contributing to 1 percent of consolidated sales. The revenues of the wholesale channel, which represents 71.8 percent of turnover, recorded a decrease of 14.3 percent at current exchange rates. The revenues of the retail channel, which represents 25.7 percent of group sales, showed an increase of 22.5 percent at current exchange rates compared to the corresponding period of the previous year. The company recorded 35 percent retail sales growth in Italy and 91 percent in Asia due to the change in the distribution model in China. The revenues for royalties, which represent 2.5 percent of consolidated turnover, decreased by 39.9 percent compared to the same period of 2022.
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Boohoo reportedly demanding 10 percent discount from suppliers

Boohoo campaign. Image: Boohoo Group Fast fashion group Boohoo is believed to be demanding a 10 percent discount from its suppliers in a bid to reduce its supply chain costs. The discount is said to be regarding both delivered and undelivered clothing, covering all outstanding orders made by the retailer. The Times cited an unnamed supplier as its source, who told the publication that it had received a call from Boohoo “demanding” the discount. It added that Boohoo “turns all orders produced into losses” and the firm was “struggling to find suppliers” while “screwing” the ones it had. The move comes after Boohoo had already faced backlash last year for similar supplier-related matters, when it extended its payment terms from 30 days to 60 days. The group has regularly been outlining efforts to reduce costs amid falling sales that it has largely attributed to the cost-of-living crisis impacting the UK. Further efforts have been seen in the closing of its Wellingborough-based distribution centre in January, impacting 420 jobs, and the plan to implement further job cuts at its head office in London, which had initially been reported by The Times.
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Coty considers dual listing, extends CEO partnership

Daniel Grieder, CEO of Hugo Boss and Sue Y. Nabi, CEO of Coty. Image: Hugo Boss Beauty and cosmetics giant Coty has revealed that it is exploring a dual listing on the Paris Stock Exchange (PAR) as it looks to strengthen its presence in the European market. If the company goes ahead with the listing process, it will add to its already long-standing place on the New York Stock Exchange (NYSE) and would allow for it to reach further untapped investors, as noted in a regulatory filing. The possibility of a listing also links into the group’s over a century heritage in France, as well as its business footprint in Europe. Speaking on the plan, Peter Harf, Coty’s chairman, underlined the importance of Paris as a beauty destination and attraction for investors. Harf added: “We have seen consistent growth over the last 10 quarters, in line with or ahead of market expectations, underpinned by targeted investment, disciplined cost controls and a clear debt reduction programme.” It would be a significant move under CEO Sue Nabi, who initially took on the head position in November 2021, and has since made a series of changes to the company in order to reclaim its status. According to Coty, Nabi had led the acceleration of its skincare categories, built up its business in China and returned many of the group’s heritage brands – namely that of Bourjois, Rimmel and CoverGirl – to growth. Coty and CEO secure long-term equity programme The firm said that due to these implementations it was now financially stronger, with a free cash flow of over 400 million dollars in Fy23. In light of this achievement, Coty’s board further announced the extension of its partnership with Nabi, anchoring her in on a long-term equity programme running until 2030. The agreement covers a “significant portion” of performance related shares next to a performance related bonus. Nabi said: “As a long-term shareholder in the company, I am grateful to the board for their continued support and trust, and delighted to have the opportunity of leading Coty through this next chapter of growth and value creation. “We are committed to driving sustainable innovation across fragrance, colour cosmetics and skincare as we rise to meet the consumer needs of the future, while simultaneously campaigning to change outdated definitions of beauty through the #undefinebeauty campaign.”
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