Could Coty Benefit From This New Phase of Panic Buying?
The next shortage in the coronavirus pandemic could be grooming products. New data show increased sales of hair dye, hair clippers, and more supplies with salons just about everywhere closed. Sales of hair-coloring products rose 23%, and hair clippers were up by 166% in the week ended April 4, according to Nielsen data. Walmart CEO Doug McMillon mentioned in an interview with The Today Show that the company is seeing spiking sales of home hair treatment and beauty products as people are stuck at home.
Could this help lift shares of Coty (NYSE: COTY) -- which owns Clairol, one of the largest consumer hair-color brands -- and other popular consumer beauty brands?
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Source Fool.com
