Coty, one of the world’s largest beauty companies with a portfolio of iconic brands across fragrance, color cosmetics, and skin and body care, announces the launch of a new global gender-neutral parental leave policy.
Taking effect from November, all employees, regardless of gender, will have access to the same number of fully paid weeks of parental leave when starting or extending a family – whether through pregnancy, adoption, or surrogacy.
Anne Jaeckin, Coty’s Chief HR Officer, said: “In line with our new corporate purpose, vision, and values, we are dedicated to fostering an inclusive workplace for our people – and tackling outdated gender stereotypes. We hope that this new policy will make a meaningful difference for new parents and support them in this very important chapter of their lives.”
Building on Coty’s central value of Fearless Kindness, announced in October, the policy is a tangible step toward a more diverse, equitable, and inclusive Coty culture. This initiative will help to promote gender equality in pay and workplace advancement and give each Coty Associate the choice to grow their family in the way that is right for them.
The policy builds upon Coty’s existing maternity, paternity, adoption, and partner leave commitments, and will be guided by local regulations.
About Coty Inc.
Coty Inc. is a French-American multinational beauty company founded in 1904 by François Coty. With its subsidiaries, it develops, manufactures, markets, and distributes fragrances, cosmetics, skin care, nail care, and both professional and retail hair care products. Coty owns around 77 brands as of 2018.
Coty is one of the world’s largest beauty companies and the largest fragrance company, with over $9 billion in revenue for the fiscal year ending in June 2018.Coty acquired 41 beauty brands from Procter & Gamble in 2016, becoming the global leader in fragrance, the second largest company for hair color and styling products, and the third largest company for color cosmetics.The company operates three divisions: Consumer Beauty, which focuses on body care, color cosmetics, fragrances, and hair coloring and styling products; Luxury, for luxury cosmetic, fragrance, and skin care products; and Professional Beauty, which services beauty salon and nail salon professionals. Coty’s mission is to “celebrate and liberate the diversity of beauty”.
The company has approximately 20,000 full-time employees in 46 countries, as of mid 2018. Coty’s executive offices are located in London. The Consumer Beauty, Luxury and Professional Beauty divisions are headquartered in New York City, Paris and Geneva, respectively. Peter Harf is Coty’s chairman.Pierre Laubies was Coty’s CEO,but on June 1, 2020 he was replaced by Harf.Pierre-André Terisse was appointed chief financial officer in January 2019. In July 2020, it was announced that Sue Youcef Nabi will become to company’s new chief executive officer.
Source: Coty
