Coty Renews License Agreement With Adidas

Beauty products company Coty Inc COTY has renewed its long-term license agreement with Adidas AG ADDYY.

The parties' shared commitment to sustainability remains a central feature of the extended agreement, evidenced in the development of the Active Skin & Mind Range.

The partnership has been focused on the intersection of personal care, wellness, sports, and sports lifestyle.

The parties have also been involved in research and innovation into areas such as the impact of fragrance on sports performance, as seen in the recent development of the Active Skin & Mind Range. 

Building on the successful launch of the Active Skin & Mind Range in Europe, Coty is driving the brand's growth in China.

Also Read: Coty Divests 3.6% Stake In Wella Brand For $150M

Active Skin & Mind has forged a partnership with Su Yiming, the Chinese gold medallist in snowboarding, as an ambassador for the brand.

"In recent months, we have successfully elevated the body care equity of adidas, moving into products that are focused on enhancing sports and skin care credibility," said Coty CEO Sue Nabi.

Also Read: Adidas Q2 EPS Dips 75%, Ups FY23 Revenue Outlook On Yeezy Inventory Reduction

Price Action: COTY shares closed lower by 2.62% at $11.15 on Thursday.