THE WHAT? Coty has announced that it is calling time on its Russian operations, almost three months after the country invaded Ukraine, according to a report published by Reuters.
THE DETAILS Several cosmetics companies have made similar moves, albeit more immediately after the Russian invasion of Ukraine, with L’Oréal closing stores and shutting down operations by March 10 and The Estee Lauder Companies suspending all activity by March 14.
THE WHY? The Russian market is said to account for less than 3 percent of Coty’s sales last year and the company said that it did not expect the move to impact its fiscal 2022 revenue and profit targets, making it all the more baffling why the US beauty behemoth has waited so long.