Coty Inc.: Early Termination of Gucci License

研报英文原文证据摘录

Coty Inc.: Early Termination of Gucci License

Equity Research

U.S. CHPC & Beverages

8 July 2026

Coty Inc.

Early Termination of Gucci License

While announcing the one-year early termination of the Gucci

License takes uncertainty on the timing off the table, it still

does not solve for the issue of Coty being able to fill the gap COTY UNDERWEIGHT

U.S. CHPC & Beverages NEUTRAL

from lost EBITDA once L'Oréal assumes the license, although Price Target USD 2.00

we should have more clarity on this in August. Price (07-Jul-26) USD 2.23

Potential Upside/Downside -10.3%

Source: Bloomberg, Barclays Research

After Kering announced its long-term strategic partnership with L'Oreal in October 2025, which

included the rights for L'Oreal to enter into a 50-year exclusive license for Gucci, we were

increasingly under the impression that both Kering and Coty were looking to come to some U.S. CHPC & Beverages

Lauren R. Lieberman

form of an agreement ahead of the official license expiry date in 20281 . Last night, Coty

+1 212 526 3112

announced it had reached an agreement with Kering to transition the Gucci Beauty license back lauren.lieberman@barclays.com

on July 1st, 2027, approximately one year ahead of its expiration, for a cash consideration of BCI, US

~$400 mm – including $250 mm in cash at signing and an additional $150 mm no later than

Kate Grafstein

September 30, 2027. Coty also agreed to sell to Kering an amount of Gucci inventory sufficient

+1 212 526 5755

to support the transition. To view our colleague Warren Ackerman's thoughts on how this news kate.grafstein@barclays.com

pertains to L'Oreal, see: LOR x Gucci - The scent of opportunity. BCI, US

While Coty mentioned that the proceeds from the transaction will be used to support debt Jim Abbott V