Oliver Chen
TD Cowen, Research Division

So it’s very timely because you announced new leadership and a new strategic framework for your Consumer Beauty business. What’s different about how the division is being run now compared to how it was run in recent years?

Vanessa Reggiardo
Executive Vice President

Yes. No, thanks for that question. So it’s an exciting time to be with Coty, and we are on a transformation journey. The Consumer Beauty division a couple of years ago, pretty much ’20 to ’25 was pretty much, I guess, identifiable by a fragmented approach to leadership. So we had a CCO, a CBO, we had a Head of R&D, a Head of Supply Chain and basically just very slow and complex decision-making with very limited accountability.

So back in fiscal ’26, pretty much the fall of last year, we were lucky to have Gordon von Bretten appointed as President, and he now has end-to-end responsibility for the entire division. So pretty much fully integrated, including the commercial markets, all the functions. So we’re really driving simplicity and agility in decision-making and making sure that we’re