July 2, 2019
As part of a turnaround plan, Coty Inc. says it would relocate its global headquarters from the Empire State Building to Amsterdam. The beauty products company has had offices at the Midtown Manhattan landmark since 2008, and currently occupies more than 300,000 square feet there.
It’s not known whether Coty will maintain a New York office presence following the relocation. The company said Amsterdam represented “a cost-efficient and tax-stable location,” conveniently-located near Coty’s main markets and with a strong base of consumer packaged goods talent.
The new set-up is expected to not only drive scale, but also lead to greater speed, efficiency and ultimately business results, the company said.
“We will recover competitiveness by strengthening our brands, expanding our gross margins and methodically reducing our costs,” Coty CFO Pierre-André Terisse said. Moving corporate functions to Amsterdam is expected to be completed by July 2020.
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