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Coty Inc. announced the opening of a new Russian subsidiary, located in Moscow. The company states the move is a strategic initiative for establishing direct in-house marketing control of the Coty products in Russia, and that the sustained success of Russia’s nearly $8 billion beauty industry positions the country as a key emerging market and priority expansion opportunity for Coty.
“The opening of Coty’s Russian subsidiary provides Coty with a competitive in-market edge to advance our sales and build business partnerships while simultaneously strengthening our global presence in the beauty industry,” said Bernd Beetz, CEO, Coty. “Coty’s Russia team will leverage existing relationships and establish new partnerships with distributors in Russia and related markets to deliver the highest quality products to consumers.”
Before the establishment of this Russian office, Coty products were sold in Russia through multiple distribution partnerships.
Beetz has named former Beauty & Co. general manager and commercial director Roman Terekhov as general director of the new subsidiary. Terekhov will be responsible for Coty’s day-to-day operations in Russia, overseeing 60 employees within the marketing, sales, supply chain, and finance and information technology divisions.
“Roman’s extensive industry knowledge, especially of the Russian market, and extensive business experience make him an outstanding addition to the Coty family,” said Beetz.