Sue Nabi is no longer CEO of Coty, replaced by Markus Strobel Leadership, portfolio, and fragrances: what remains of the Nabi era and what lies ahead for Coty
Sue Nabi’s departure from the role of CEO of Coty is not a simple piece of managerial turnover news, but a structural transition that says a great deal about the current state of the global beauty industry. After five years at the helm, Nabi leaves behind a group profoundly different from the one she found in 2020: financially leaner, more focused on fragrances, yet still fragile in the mass-market segment and under pressure on the front of strategic licenses. Her exit comes at a time when the market no longer grants time, nor reassuring narratives. It demands clear choices and, above all, results. When Sue Nabi arrived at Coty, in the midst of the pandemic, the company was weighed down by high debt, complex governance, and a scattered brand portfolio. From the outset, her mandate was conceived as an operation of industrial and cultural turnaround rather than a simple growth phase. In this sense, the Nabi era should be read as a long and necessary transition, but, according to experts, not sufficient to put Coty back on a path of stable expansion.
The mark left by Sue Nabi
Sue Nabi’s first legacy was rigor. Reducing debt, simplifying the structure, divesting non-strategic assets such as Wella, moves that were necessary, almost unavoidable, to prevent Coty from being trapped in an inescapable financial spiral. But rigor alone does not generate growth. And Coty’s problem is that, once the emergency phase ended, it never managed to build an equally convincing industrial narrative for the future. The bet on prestige fragrances was the clearest choice of the Nabi mandate. Here, Coty showed that it could still play a credible game, enhancing iconic brands and launching products capable of capturing global market tastes. The case of Gucci Beauty, which grew significantly under her leadership, remains emblematic: solid performance, but built on a license that does not truly belong to the group and that, starting in 2028, will pass to L’Oréal. A success, yes, but a time-limited one. Meanwhile, mass-market beauty continued to lose traction. Historic brands, once central to Coty, have progressively lost cultural relevance, squeezed between large FMCG giants and new independent brands, faster, more credible, more aligned with contemporary language. Here, transformation never truly happened. There is, however, another level on which Sue Nabi’s impact was profound and deserves unambiguous recognition. Her leadership redefined Coty’s cultural perimeter, moving inclusion and equality from statements of intent to structured corporate practice. Being the group’s first transgender CEO was not merely symbolic, but a lever to rethink internal policies, language, and identity. The point, however, is that in contemporary beauty, culture is a necessary condition, no longer a sufficient one. Without desirable products, without relevant brands, without a clear portfolio vision, even the most virtuous transformation risks remaining confined within the organization, without translating into value perceived by the market.
Markus Strobel at the helm
The baton now passes to Markus Strobel, appointed interim CEO and executive chairman, in a governance setup that clearly signals a phase of management rather than narrative relaunch. Strobel comes from Procter & Gamble, with a profile strongly oriented toward operations, the management of complex portfolios, and industrial efficiency. He is not a visionary, but an experienced executor, called upon to stabilize Coty at a time when the stock has lost more than half of its value and investor confidence remains fragile. His experience across skincare, personal care, and high-end fragrances represents an advantage, especially at a time when Coty appears intent on further strengthening its premium perimeter. However, the central issue remains what to do with mass-market beauty, a segment that continues to weigh on the accounts without offering convincing growth prospects. Continuing to operate in segments that do not generate value is a luxury the group can no longer afford, especially in view of the loss of the Gucci license. The ongoing strategic review, which could lead to divestments or spin-offs of historic brands, is the true testing ground for the new leadership.
Coty after Nabi
Sue Nabi’s exit also coincides with the gradual withdrawal of Peter Harf, a key figure in the group’s recent history and at JAB Holding. It is both a generational and a strategic shift, opening a phase in which Coty will have to decide whether it wants to be a player focused on prestige fragrances or a conglomerate still present, but weakened, in mass consumer goods. The risk is excessive concentration on a few strong licenses in a market that rewards speed, innovation, and cultural relevance more than mere scale. The loss of Gucci Beauty will inevitably force deep reflection on portfolio diversification and on the group’s ability to build new iconic brands, rather than simply managing existing ones.
Sue Nabi’s future beyond Coty
For Sue Nabi, leaving Coty does not sound like a setback, but rather a change in perspective. Her profile remains that of an executive capable of moving across industry, luxury, and entrepreneurship, with credibility that goes beyond the short term. Her entry onto the board of Moncler suggests a future increasingly oriented toward governance and strategic vision, rather than the day-to-day management of complex organizations. Her legacy, ultimately, is ambivalent. She did what needed to be done, but not everything that would have been required to truly change Coty’s destiny. And now it is up to others to show whether that work was an endpoint, or only a long, necessary antechamber.
