Coty Inc posted a 16% drop in quarterly revenue on Tuesday, as the Rimmel lipstick maker was hurt by weak demand for makeup products as shoppers stayed at home due to fresh COVID-19 restrictions.
Cosmetics companies have borne the brunt of the COVID-19 crisis that has weakened demand for key items such as colour cosmetics.
'Further Pressured'
Sales of beauty products in major markets, including North America and Europe, have been further pressured by a resurgence in coronavirus cases, which has led to fresh lockdowns and store closures.
The Burberry fragrance maker, which in December sold a majority stake in its professional and retail hair division to U.S. buyout firm KKR & Co Inc, said its net revenue from continuing operations fell about 16% to $1.42 billion in the second quarter ended 31 December.
News by Reuters edited by Donna Ahern, Checkout. Click subscribe to sign up for the Checkout print edition.
