According to an article by WWD, Coty has appointed former L’Oréal executive, Sue Y Nabi, as its new CEO – making her Coty’s first female CEO and the third hire for the top role this year.
Nabi formerly spent 20 years with L’Oréal, where she was employed as the company’s youngest ever Worldwide President of both L’Oréal and Lancôme. She is most widely known for the evolution of L’Oréal's iconic slogan from 'Because I’m worth it’ to the more inclusive ‘Because we’re worth it.’ Another career highlight for Nabi was championing mature consumers by hiring actress, activist and former fashion model, Jane Fonda, as a brand ambassador.
To add to her impressive business portfolio, the Algerian-born entrepreneur is also founder and CEO of luxury skincare line, Orveda, which she co-founded with Nicholas Vu back in 2014.
Nabi will take over from Peter Harf, the current Coty CEO, in September. Harf, who was hired in June as part of the company’s transformation plan, will be promoted to Executive Chairman.
“Sue is renowned as a visionary and ongoing game-changer whose outstanding creativity is celebrated in the beauty industry," Harf said. "I am proud that she now wants to bring her unique sense of inspiration to Coty.”
Back in May, Coty sold 60% of its professional hair and colour cosmetics business to investment firm, KKR, for US$4.3 billion, in an attempt to offload its struggling brands. The company also announced its investment in celebrity brands, KKW Beauty, earlier this week and Kylie Cosmetics, late last year.
Image source: Femina