Coty names Stéphane Delbos chief procurement officer
New York-based beauty conglomerate Coty Inc. has announced the promotion of Stéphane Delbos, senior vice president for transformation, indirect and procurement operations, to the role of chief procurement officer, effective February 1, 2021.
In his new position, Delbos will assume responsibility for implementing the company’s multi-year procurement strategy, which is an essential part of the group’s wider transformation program, first revealed in 2020.
This strategy includes significant cost reduction targets to be met by fiscal 2023, as well as the streamlining and strengthening of the company’s new product pipeline “with leading innovation from external suppliers.”
Delbos will also be joining the senior leadership team at Coty, whose brands include CoverGirl, Max Factor, Rimmel and Sally Hansen, among others. He will report to Gordon von Bretten, chief transformation officer.
In his current role, Delbos, who has more than 18 years of experience in the beauty and pharmaceutical industries, has already played an important part in the company’s transformation plans.
He first joined Coty as global sourcing director in 2010 and was promoted to VP and global indirect procurement lead in 2014, a role which he held until September of last year. Prior to Coty, the executive served in a range of local and global procurement positions at Pfizer and Ipsen.
“Stéphane’s diverse experience and proven track record over 10 years at Coty make him a great addition to Coty’s senior leadership team,” commented von Bretten in a release.
“He has a deep understanding of how this company works and has been integral to progressing our financial transformation and successfully navigating the challenges of Covid-19,” he added. “I look forward to continue working with him closely as we transform Coty into a true beauty powerhouse that’s stronger, more focused and set up for long-term profitable growth.”
Coty’s transformation program aims to achieve a net reduction of $600 million in costs by the end of fiscal 2023. The company made solid progress towards these targets in the first quarter ended September 30, 2020, when it reported $80 million in quarterly cost savings, against an annual target of $200 million for fiscal 2021.
The group’s net income for the quarter was $221.4 million, or $0.24 per share, on revenues of $1.69 billion.
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