CoverGirl owner Coty to exit Russia operations

(Reuters) -CoverGirl proprietor Coty Inc stated on Wednesday it could exit its Russia operations, changing into the newest U.S. firm to drag in a foreign country following Moscow’s invasion of Ukraine.

The transfer aligns Coty with the likes of burger chain McDonald’s, sportswear participant Nike and Marlboro maker Philip Morris Worldwide Inc.

Russia accounted for a bit of greater than 3% of Coty’s gross sales in 2021, the corporate stated. Within the fiscal yr ended June 2021, Coty posted whole gross sales of $4.63 billion.

Coty stated it doesn’t count on the transfer to impression its fiscal 2022 income and revenue targets, citing the seasonally decrease contribution of the Russia enterprise in its fourth quarter.

(Reporting by Aishwarya Venugopal in Bengaluru; Enhancing by Aditya Soni)