Despite enhanced scale, Coty's addition of P&G’s beauty brands doesn't grant it a competitive edge.
No-moat Coty’s top line returned to organic growth in the second quarter (with sales up 3%), driven by strength in its underlying luxury business. While these results bolster our confidence in Coty’s ability to foster innovation and refresh its brands, which should boost volumes, we remain skeptical that Coty will be able to take pricing over the near term, as its integrates the assets acquired from Procter & Gamble, as evidenced by gross margin remaining flat over the year prior, at 61.1%. ...Coty and its subsidiaries are a beauty company. The company manufactures, markets, sells and distributes beauty products, including fragrances, color cosmetics, hair care products and skin and body related products. The company is organized into three divisions, which is also its operating and reportable segments: Consumer Beauty, Luxury and Professional Beauty. Consumer Beauty is primarily focused on color cosmetics, retail hair coloring and styling products, body care and mass fragrances. Luxury is primarily focused on fragrances, skincare and cosmetics. Professional Beauty is primarily focused on hair and nail care products for salon personnel.
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