NEW YORK--(BUSINESS WIRE)--Coty Inc. (NYSE: COTY), one of the world’s leading beauty companies and the global leader in fragrances, today announced the promotion of Stéphane Delbos to Chief Procurement Officer (CPO), effective February 1, 2021.
Delbos, who joined Coty in 2010 as Global Sourcing Director, has been promoted from his current role as Senior Vice President (SVP) for Transformation, Indirect and Procurement Operations, where he has played an important role in driving forward Coty’s broader transformation agenda. Delbos will join Coty’s senior leadership team and report to Gordon von Bretten, Chief Transformation Officer.
Delbos is a respected senior procurement professional with over 18 years’ experience in the beauty and pharmaceutical industries. Prior to joining Coty, he held several local and global procurement positions at Pfizer and Ipsen.
Gordon von Bretten, Coty’s Chief Transformation Officer, said:
“Stéphane’s diverse experience and proven track record over 10 years at Coty make him a great addition to Coty’s senior leadership team. He has a deep understanding of how this company works and has been integral to progressing our financial transformation and successfully navigating the challenges of COVID-19. I look forward to continue working with him closely as we transform Coty into a true beauty powerhouse that’s stronger, more focused and set up for long-term profitable growth.”
In his new role, Delbos will be responsible for implementing Coty’s multi-year procurement strategy, which includes achieving a significant cost reduction target by FY23, reducing complexity and strengthening Coty’s new product pipeline with leading innovation from external suppliers. This forms an important element of Coty’s transformation program, announced in 2020.
The program is targeting a net reduction in costs of $600 million by the end of FY2023 and delivering more cost-effective and integrated operations. Coty reported strong progress towards these cost reduction targets during its Q1 earnings: delivering $80 million savings in the first quarter against a target of over $200 million by end of FY2021.
About Coty Inc.
Coty is one of the world’s largest beauty companies with an iconic portfolio of brands across fragrance, color cosmetics, and skin and body care. Coty is the global leader in fragrance and number three in color cosmetics. Coty’s products are sold in over 150 countries around the world. Coty and its brands are committed to a range of social causes as well as seeking to minimize its impact on the environment. For additional information about Coty Inc., please visit www.coty.com.
