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CoverGirl owner Coty to exit Russia operations

Reuters
Updated ·1 min read
Covergirl makeup, owned by Coty Inc., is seen for sale in Manhattan, New York City

(Reuters) -CoverGirl owner Coty Inc said on Wednesday it would exit its Russia operations, becoming the latest U.S. company to pull out of the country following Moscow's invasion of Ukraine.

The move aligns Coty with the likes of burger chain McDonald's, sportswear player Nike and Marlboro maker Philip Morris International Inc.

Russia accounted for a little more than 3% of Coty's sales in 2021, the company said. In the fiscal year ended June 2021, Coty posted total sales of $4.63 billion.

Coty said it does not expect the move to impact its fiscal 2022 revenue and profit targets, citing the seasonally lower contribution of the Russia business in its fourth quarter.

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