Why Coty is moving to Amsterdam
The American multinational beauty company Coty – which develops, manufactures, markets and distributes skin care, makeup, fragrance and hair care products – is relocating its headquarters from New York City to Amsterdam. Coty hopes the move will improve efficiency and speed as it will be located closer to its primary markets. The firm also said the move will provide it better access to talent that specialises in fast-moving consumer goods. Currently, Coty’s HQ is in the Empire State Building.
Coty’s relocation to the Netherlands (which is expected to be complete by July 2020) is part of a restructuring plan which will see the firm simplify product lines. In a statement released on its website, Coty’s CFO Pierre-André Terisse said: “We will recover competitiveness by strengthening our brands, expanding our gross margins and methodically reducing our costs.”
Attracting businesses from around the world
In addition to Coty, many other businesses from a wide variety of industries have established themselves in Amsterdam over the last year. These include the SaaS company Chargebee, software firm ThousandEyes, FinTech outfit Azimo and Aspira, a project management and IT solutions specialist.
Companies are attracted to Amsterdam’s excellent quality of life, talented and multi-lingual workforce and proximity to other European capitals, including London and Brussels. The Dutch capital also offers the continent’s highest level of broadband penetration.
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