Coty has appointed former top executive of L’Oréal, Sue Nabi, as chief executive officer, its third CEO in this year.
Nabi will take up her new role on 1 September from Peter Harf, who was appointed CEO in June. Harf is also a top executive of Coty’s top shareholder JAB Holdings and will remain executive chairman of Coty.
Nabi formerly spent two decades with the French beauty giant, where she was the company’s youngest ever Worldwide President of both L’Oréal and Lancôme.
She is recognised for changing L’Oréal’s iconic slogan from ‘Because I’m worth it’ to the more inclusive ‘Because we’re worth it’.
During Nabi’s time at Lancôme she led the launch of perfume La Vie est Belle in 2012, fronted by actress Julia Roberts; which remains the second best-selling prestige perfume in the world.
Nabi is also the founder of the new-age luxury skincare line, Orveda.
Pater Harf said: “Sue is renowned as a visionary and ongoing game-changer whose outstanding creativity is celebrated in the beauty industry.”
“I am proud that she now wants to bring her unique sense of inspiration to Coty.”
Last month, the company attempted to offload struggling brands and sold 60% of its professional hair and colour cosmetics business to investment firm KKR for $4.3bn.
The move also follows as Coty injects cash into trending brands, including those of Kim Kardashian and Kylie Jenner, after years of slowing sales and rising debt as it struggled to integrate the brands acquired from Procter & Gamble in 2016.
Coty is also currently in a legal battle with Seed Beauty, which manufactures KKW Beauty and Kylie Cosmetics, over leaked trade secrets.