The reduction wasn't enough to knock Coty from its wider growth pace, though, as shares remain higher by almost 40% so far in 2019.
August's drop came as investors adjusted their expectations for the consumer products giant. Later in the month, Coty announced a 4% decline in organic sales for the fiscal fourth quarter as net losses jumped due to massive one-time impairment writedowns.
With its biggest divestment and restructuring moves behind it, Coty is now looking toward a rebound plan that foresees a return to revenue growth, strong profitability, and reduced leverage by fiscal 2023. The fiscal 2020 year, which just began, represents just the first steps in that direction as Coty works to respond to shifting demand for makeup and other key consumer beauty niches. The stock's increase so far in 2019 reflects optimism in that recovery strategy, but now it is up to CEO Pierre Laubies and his team to deliver on their bright projections.