Coty leaves Russian market

The French-American cosmetics manufacturer Coty announced withdrawing from the Russian market on Thursday.

In 2021, Russia accounted for just over 3 per cent of Coty's $4.63 billion annual sales. The company does not expect the decision about stopping operations in Russia to impact its fiscal 2022 revenue and profit targets, Interfax reports.

Coty manufactures and sells cosmetics, body care products, and perfumes under various brands, including COVERGIRL, Max Factor, Rimmel, Sally Hansen, Alexander McQueen, Bottega Veneta, Burberry, Calvin Klein, Chloe, Davidoff, Gucci, Hugo Boss, Kylie Skin, Marc Jacobs, Miu Miu, and Tiffany & Co.