Coty Inc. will wind down operations in Russia, which make up barely greater than 3 percent of the whole business, the corporate said Wednesday.
“After careful consideration, including evaluation of relevant U.S., U.K. and other applicable regulation, Coty has decided to wind down its Russian operations starting immediately,” the corporate said in an announcement.
Coty’s move to stop operations in Russia comes nearly two months after many big beauty and consumer products corporations, including Coty, halted industrial activity there, as a result of Russian president Vladimir Putin’s continuing attack on Ukraine.
Coty is the tenth largest beauty manufacturer on the planet, in accordance with the Beauty Inc Top 100. The corporate posted $5 billion in sales for calendar 2021 — 3 percent of...
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