Coty Appoints Markus Strobel Amid Leadership Overhaul

Procter & Gamble veteran Markus Strobel has been appointed as interim CEO and chairman of Coty, as the beauty company faces declining sales and intense competition. Strobel replaces Sue Nabi and assumes the role amid strategic changes and challenges, such as losing the exclusive Gucci license by 2028.

Coty has appointed Markus Strobel as its new interim CEO and chairman. The company is navigating declining sales and competitive pressures, as it seeks to revamp its mass-market segment. Strobel, with extensive experience at Procter & Gamble, takes over from Sue Nabi.

This leadership change comes amid a strategic review of Coty's consumer beauty business, with potential sales of brands like CoverGirl and Rimmel. The company aims to focus on its more profitable fragrances unit while facing challenges such as losing the exclusive Gucci license by 2028.

The beauty industry is witnessing frequent leadership changes, as exemplified by Coty and other consumer goods firms, who are striving to adapt to shifting market dynamics and evolving consumer preferences.

(With inputs from agencies.)