This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Coty Inc. is a global beauty conglomerate whose portfolio includes mass-market cosmetics brands such as COVERGIRL, Rimmel, and Sally Hansen. The company's business model is built on the development and sale of personal care products, a category that historically and commonly relies on animal testing for safety substantiation to meet regulatory requirements in key markets like China. While Coty has partnered with Cruelty Free International and achieved Leaping Bunny certification for specific brands including COVERGIRL and Rimmel, this certification applies only to those brands' supply chains for finished products in certain regions. The company as a whole continues to engage in or permit animal testing where required by law, which excludes it from a comprehensive cruelty-free designation.
Coty Inc. is a global beauty company with a portfolio of prestige and mass-market brands in fragrance, color cosmetics, and skincare. Its products are sold in over 150 countries, including China, where post-market animal testing can be required by law for certain imported cosmetics. While Coty states it does not test finished products on animals and supports ending animal testing, its market presence in jurisdictions with mandatory animal testing requirements means its products are subject to these procedures. The company's 2023 ESG report acknowledges that "use of certain ingredients" may necessitate animal testing to meet regulatory requirements in some markets.
Cruelty Free Investors lists Coty Inc. as a company involved in animal testing. This categorization reflects the reality that, regardless of a company's internal policy, selling cosmetics in markets like China can result in animal testing being conducted by local authorities. Coty's scale and global footprint, particularly through brands like Gucci, Burberry, and Calvin Klein fragrances, means a portion of its revenue is linked to markets where animal testing is a condition of sale.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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