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Coty Q2 revenue falls 16% as COVID-19 hits makeup demand

Feb 9 (Reuters) - Coty Inc posted a 16% drop in quarterly revenue on Tuesday, as the Gucci lipstick maker was hurt by weak demand for makeup products as shoppers stayed at home due to fresh COVID-19 restrictions.

Cosmetics companies have borne the brunt of the COVID-19 crisis that has weakened demand for key items such as color cosmetics.

Sales of beauty products in major markets, including North America and Europe, have been further pressured by a resurgence in coronavirus cases, which has led to fresh lockdowns and store closures.

The Burberry fragrance maker, which in December sold a majority stake in its professional and retail hair division to U.S. buyout firm KKR & Co Inc, said its net revenue from continuing operations fell about 16% to $1.42 billion in the second quarter ended Dec. 31. (Reporting by Aditi Sebastian and Praveen Paramasivam in Bengaluru; Editing by Vinay Dwivedi)

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