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Coty Cosmetics CEO Sue Nabi. Photo: Axios on HBO

Coty Cosmetics CEO Sue Nabi tells Axios the beauty giant will “probably” introduce Coty-branded products one day.

Why it matters: Coty produces some of the world’s most popular fragrances, skin care products and color cosmetics on behalf of other well-known brands, but has shied away from producing its own branded products.

In an interview on “Axios on HBO,” Nabi also discussed the brand’s decision to buy a 52% stake in Kylie Cosmetics and a 20% in KKW Beauty, the beauty brand from Kim Kardashian West.

  • Coty has faced lawsuits from investors that have argued that the Kylie Cosmetics deal was overpriced, given misrepresented figures presented to Forbes in 2020 about the business. Those lawsuits have been dismissed. Nabi said the power of those brands on social media makes them lucrative long-term investments.
  • “Clearly, we're going to invest behind Kylie. … She's today the most followed woman on Instagram. She gained recently 2 million followers in one week, 60 million, over 60 million in one year,” Nabi said.

The big picture: The beauty industry has been upended by the pandemic-driven shift to e-commerce and micro-influencers via social media platforms like TikTok and Instagram.

  • Micro-influencers, or social media influencers that cater to a niche audience, have forced legacy beauty companies to consider more progressive trends, like sustainable beauty products, genderless cosmetics and skincare and a wider variety of skin tone-matching in makeup.

The bottom line: “These followers are following this person because they know this person is an expert of something. And with these, I would say, new generation of influencers," Nabi said.

  • Coty has recently invested a lot in overhauling its Cover Girl beauty brand, specifically, to address more diversity.

Go deeper

Updated Nov 21, 2021 - Technology

How to hit the top on each social media platform

Data: Axios Research; Chart: Will Chase/Axios

The creator economy has produced thousands of social media entrepreneurs who have built mega-audiences in the millions — larger than many media companies. Often, they operate in parallel universes, with little overlap between platforms.

Why it matters: What differentiates social platforms is no longer their features, but their values and communities. What makes one person popular on one platform may not make them remotely interesting or influential on another.

Australia joins U.S. in diplomatic boycott of Beijing Winter Olympics

Australian Prime Minister Scott Morrison. Photo: Darrian Traynor/Getty Images

Australia is joining the U.S. in a diplomatic boycott of the 2022 Beijing Winter Olympic Games in protest of human rights abuses committed by China's government, Prime Minister Scott Morrison said Wednesday.

Driving the news: After the Biden administration's announcement that U.S. officials won't attend the Games due to the ongoing genocide of Uighurs and other Muslim minorities in the Xinjiang region of China, Morrison said at a Sydney briefing that Australia would follow suit as "it's the right thing to do."

Progressives to file resolution to strip Boebert's committee seats

Rep. Lauren Boebert walking through the Senate side of the U.S. Capitol earlier this month. Photo: Drew Angerer/Getty Images

House progressives are planning to introduce a resolution on Wednesday to strip Rep. Lauren Boebert (R-Colo.) of her committee assignments, according to a Democratic aide familiar with the matter.

Why it matters: The move, which was first reported by the Washington Post, comes as progressives — anxious to see the right-wing firebrand face retribution for her recent comments — have grown frustrated by Democratic leadership's inaction on the issue.