What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-08-21 compared with 2024-08-20 · 88 added, 98 removed, 132 unchanged (58% of the section changed)

2 unchanged sentences

Over the past few years, we have implemented a comprehensive transformation agenda (the “Transformation Plan”), focusing on our core go-to-market competencies, simplifying our capital structure and deleveraging our balance sheet.

Following this transformation, we continue to make progress on our strategic priorities, including stabilizing and growing our consumer beauty brands through leading innovation and improved execution, accelerating our prestige fragrance brands and ongoing expansion into prestige cosmetics, building a comprehensive skincare portfolio over the mid-to-long term leveraging existing brands, enhancing our organizational growth capabilities including digital and research and development, expanding our presence in the travel retail channel, China and other growth markets, and establishing Coty as an industry leader in sustainability.

Following this transformation, we continue to make progress on our strategic priorities, including leveraging our leadership position and capabilities in global fragrances to fuel expansion.

We will continue expanding our presence in a limited number of structurally profitable and growing beauty categories, in growth channels such as e-commerce and the Travel Retail channel, all while establishing Coty as an industry leader in sustainability.

We have sharpened our priorities to capitalize on structural tailwinds in the fragrance market.

We are leveraging our leadership in fragrance innovation, licensing, and manufacturing to expand across price points, from mass to ultra-premium.

With slower growth in China’s beauty market, we have shifted focus to a broader set of emerging markets and the U.S.

In Prestige, we are accelerating our fragrance business with exceptional new launches and franchise-building extensions, expanding our premium and ultra-premium category portfolio, extending into the rapidly growing fragrance mist adjacency with multiple brands, while also enhancing assortment of our Prestige cosmetic products.

In Consumer Beauty, we aim to improve performance and profitability through agile innovation, social media advocacy, and expansion into body mists and masstige fragrances.

Skincare remains a strategic focus, but achieving scale takes time, and we will pursue this while remaining very mindful of the investment demands.

We also continue to advance key sustainability priorities.

All dollar amounts in the following discussion are in millions of United States (“U.S.”) dollars, unless otherwise indicated.

5 unchanged sentences

Adidas Burberry

Beckham Calvin Klein

David Beckham Calvin Klein

Bozzano* Chloe

1 unchanged sentence

Bruno Banani Escada*

CoverGirl* Gucci

Jovan* Hugo Boss

LeGer by Lena Gercke Infiniment Coty Paris*

Max Factor* Jil Sander

Monange* Kylie Cosmetics by Kylie Jenner

Nautica Lancaster*

Paixao* Marc Jacobs

Rimmel* Miu Miu

CoverGirl* Etro

LeGer by Lena Gercke Hugo Boss

Max Factor* Infiniment Coty Paris*

Mexx Jil Sander

Monange* Joop!*

Nautica Kylie Cosmetics by Kylie Jenner

Paixao* Lancaster*

Rimmel* Marc Jacobs

Risque* Orveda

Sally Hansen* philosophy*

Vera Wang SKKN BY KIM

Tiffany & Co.

Vera Wang Tiffany & Co.

* Indicates an owned beauty brand.

We have a diverse portfolio of brands, some owned and some licensed, and we employ different models to create a distinct image and personality suited to each brand’s equity, distribution, product focus and consumer.

We have a diverse portfolio of brands, some owned and some licensed, and we employ different engagement models to create a distinct image and personality suited to each brand’s equity, distribution, product focus and consumer base.

For our licensed brands, we work with licensors to promote brand image.

Each of our brands is promoted with logos, packaging and advertising designed to enhance its image and the uniqueness of each brand.

Each of our brands is promoted with logos, packaging and advertising designed to enhance the image and the uniqueness of each brand.

We manage our creative marketing work through a combination of our in-house teams and external agencies that design and produce the sales materials, social media strategies, advertisements and packaging for products in each brand.

2 unchanged sentences

We are focused on accelerating our digital advocacy strategy to amplify our brand and product innovations, leverage consumer analytics and insights, and improve the return on investment of our marketing activities.

We leverage our relationships with celebrities, on-line influencers and brand ambassadors to endorse certain of our products, and we seek to attract and engage existing and new consumers through buzz-worthy activations, unexpected creativity and unique collaborations.

Our marketing efforts also benefit from cooperative advertising programs with retailers, often in connection with in-store marketing activities designed to engage consumers so that they try, or purchase, our products, including sampling and “gift-with-purchase” programs designed to stimulate product trials.

We leverage our relationships with celebrities, influencers and brand ambassadors to endorse certain of our products, and we seek to attract and engage existing and new consumers through buzz-worthy activations, unexpected creativity and unique collaborations.

Our marketing efforts also benefit from cooperative advertising programs with retailers, often in connection with in-store marketing activities that aim to engage consumers through sampling and “gift-with-purchase” programs designed to stimulate product trials.

We have dedicated marketing and sales forces in most of our significant markets.

1 unchanged sentence

We utilize in-depth brand and market data analytics to develop branding, merchandising and marketing execution strategies to maximize the consumer experience and build a better business.

We have implemented artificial intelligence (“AI”) tools to

power our media allocation models and support content creation and optimization, including search engine optimization copy generation and translation, to improve efficiency and reach of our marketing campaigns.

Distribution Channels and Retail Sales

7 unchanged sentences

however, certain retailers accounted for more than 10% of net revenues within certain geographic markets and segments.

In fiscal 2024, Walmart, our top retailer, accounted for approximately 5% of total Coty Inc.

In fiscal 2025, Walmart and A.S.

Watson, our top retailers, each accounted for approximately 4% of total Coty Inc.

net revenues.

1 unchanged sentence

We innovate through brand-building and new product lines, as well as through new technology.

Our research and development teams work with our marketing and operations teams to identify recent trends and consumer needs and to bring products quickly to market.

Our research and development teams, which include scientists, engineers, analysts, and other specialists involved in product and packaging innovation, work with our marketing and operations teams to identify recent trends and consumer needs and to bring products quickly to market.

We are continuously innovating to increase our sales by elevating our digital presence, including e-commerce and digital, social media and influencer marketing designed to build brand equity and consumer engagement.

We have also focused our efforts on meeting evolving consumer shopping preferences and behaviors, both on-line and in-store.

We have introduced new ways to customize the consumer experience, including using artificial intelligence-powered tools to provide personalized advice on selecting and using products, and augmented reality tools that invite customers to virtually try products with curated looks, tutorials and product recommendations.

We have introduced new ways to customize the consumer experience, including using AI-powered tools to provide personalized advice on selecting and using products, and augmented reality tools that invite customers to virtually try products with curated looks, tutorials and product recommendations.

In addition, we continuously seek to improve our products through research and development.

4 unchanged sentences

Our principal research and development centers are located in the U.S.

and Europe, with global centers of excellence for fragrance (Switzerland), skincare (Monaco), body care (Brazil) and cosmetics (U.S.).

We do not perform, nor do we commission any third parties on our behalf, to perform testing of our products or ingredients on animals except where required by law.

In the few jurisdictions requiring animal testing, we actively apply for exemptions and work with local authorities and organizations to authorize alternative methods of product testing.

During fiscal year 2024, we continued to manufacture and package approximately 79% of our products, primarily in facilities located in the United States, Brazil, China and various countries in Europe.

We recognize the importance of our employees at our manufacturing facilities and have in place programs designed to ensure operating safety.

During fiscal year 2025, we continued to manufacture and package approximately 81% of our products, primarily in facilities located in the United States, Brazil and various countries in Europe.

We recognize the importance of our employees at our manufacturing facilities and have in place programs designed to ensure operating safely.

In addition, we implement programs designed to ensure that our manufacturing and distribution facilities comply with applicable environmental rules and regulations, as well as initiatives to support our sustainability goals.

8 unchanged sentences

We review our supplier base periodically with the specific objectives of improving quality, increasing innovation and speed-to-market, ensuring supply sufficiency and reducing costs.

We have experienced disruptions in our supply chain from time to time, including in connection with our past restructuring efforts and, more recently due to global supply disruptions, and we work to anticipate and respond to actual and potential disruptions.

In light of these challenges, we are continually benchmarking the performance of our supply chain, and we augment our supply base, adjust our distribution networks and manufacturing footprint, enhance our forecasting and planning capabilities and adjust our inventory strategy based upon the changing needs of the business.

We continue to explore options to further optimize our supply chain operations, including the implementation of advanced digital solutions to streamline and enhance our supply chain operations.

There is significant competition within each market where our products are sold.

We have begun to implement advanced digital solutions to streamline and enhance our supply chain operation, including AI and machine learning tools for demand planning, and continue to explore options to further optimize our supply chain operations.

In fiscal 2025, we established a global supply chain hub in Barcelona to centralize supply chain operations and drive efficiencies to improve service levels, inventory management and carbon impact, and we will continue to evaluate our full manufacturing and sourcing ecosystem to enable the delivery of consistent improvement in costs of goods sold.

There is significant and increasing competition within each market where our products are sold.

We compete against manufacturers and marketers of beauty products, salon professional nail products and personal care products.

1 unchanged sentence

We also have competition from private label products sold by retailers.

We believe that we compete primarily on the basis of perceived value, including pricing and innovation, product efficacy, service to the consumer, promotional activities, advertising, special events, new product introductions, e-commerce initiatives, direct sales and other activities (including influencers) and the ability to effectively leverage existing and emerging digital technologies, such as AI and data analytics, to gain more commercial insights and develop relevant marketing concepts and advertising to reach consumers.

It is difficult for us to predict the timing, scale and effectiveness of our competitors’ actions in these areas or the timing and impact of new entrants into the marketplace.

9 unchanged sentences

Products representing 48% of our fiscal 2025 net revenues are manufactured and marketed under brands owned by us or under licenses which are effectively perpetual.

Of the remaining portfolio, 34% of our fiscal 2024 sales are under exclusive license agreements granted to us for use on a worldwide and/or regional basis with a remaining duration spanning from 6 to 30 years.

Products representing 37% of our fiscal 2025 sales are under exclusive license agreements granted to us for use on a worldwide and/or regional basis with a remaining duration spanning from 7 to 25 years.

As of June 30, 2025, we maintained 22 brand licenses.

3 unchanged sentences

We believe that we are currently in material compliance with the terms of our material brand license agreements.

Our license agreements have an average duration of over 25 years.

Our license agreements have an average duration of approximately 24 years.

Most brand licenses have renewal options for one or more terms, which can range from two to ten years.

14 unchanged sentences

Our sustainability framework, Beauty That Lasts, is a multi-pillared strategy which aims to contribute to a more sustainable and inclusive future.

With a focus on product, planet and people, we aim to contribute towards delivering a more sustainable and inclusive world.

We focus on three pillars:

Beauty of our Planet, Beauty of our People and Governed Beautifully, while the Beauty of our Products sits at heart of everything we do.

We report annually on our progress towards our sustainability targets through a separate sustainability report.

2 unchanged sentences

The content of our sustainability reports and information on our website are not incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC.

On March 6, 2024, the SEC adopted a rule on climate-related disclosures by U.S.

public companies.

On April 4, 2024, the SEC stayed the rule pending the completion of judicial review of the consolidated Eighth Circuit petitions.

We are unable to predict if or when the stay will be lifted, and the extent to which the outcome of the petitions may result in changes to the final rules and the timing of the effectiveness of such rules.

The Beauty of Our Product

Our products have an important role to play in building a sustainable future for the beauty sector.

To respond to evolving social and environmental challenges, we are putting sustainability at the heart of our product creation, from design and development through to sourcing of materials.

We see sustainability as the ultimate driver of innovation.

We are changing the way we design, formulate and manufacture in order to minimize our environmental impact and create innovative products.

Since 2020, we have an operational Beauty That Lasts Index in place, which is a qualitative tool for evaluating the sustainability profile of new product developments.

We have an ambition to reduce the amount of packaging we use across our portfolio, while sourcing from more sustainable sources.

In fiscal 2024, we are continuing to steadily expand refillable formats, including Burberry Goddess , Cosmic Kylie Jenner and Infiniment Coty Paris .

We are implementing screw neck caps for new prestige fragrance bottle designs to further enable refill potential.

In addition, we work to reduce the environmental impact of our product formulas and our new products.

In fiscal 2024, Infiniment Coty Paris is the first globally distributed full fragrance collection manufactured using 100% carbon-captured ethanol.

We recognize that sustainability efforts require collaboration which goes beyond our own organization.

To that end we are members of several industry initiatives, including the Responsible Beauty Initiative and Responsible Mica Initiative, focused on responsible sourcing.

We are also part of the EcoBeautyScore Consortium – a breakthrough initiative which aims to develop an industry-wide environmental scoring system for cosmetics products, with the aim of empowering consumers to make sustainable beauty choices.

We are also active members of the Sustainable Packaging Initiative for Cosmetics — SPICE — where we partner with other companies in the cosmetics industry to collectively shape the future of sustainable packaging.

We continue to evaluate and modify our processes and activities to further limit our impact on the environment as we implement our sustainability strategy.

Governed Beautifully

At Coty, we believe that sustainability needs to be integrated into the business, with each area of impact led by the relevant business functions.

The Executive Committee (“EC”) and Senior Leadership Team (“SLT”) are responsible for the development of strategy, targets and driving progress for their respective material topics.

The global Sustainability Office develops the transversal sustainability strategy and is responsible for ESG reporting and governance, under the oversight of the Chief Scientific & Sustainability Officer.

The Sustainability Office provides formal updates to both the EC and the Board at least once a year.

Our Board provides oversight, including through its committees and our Board member for ESG.

The Sustainability Office and our business leaders work to drive change and lead our reporting and due diligence efforts.

Our Sustainability Office also works closely with Coty’s brands and external partners to implement, evolve, and communicate Beauty that Lasts.

To enable our sustainability strategy to reflect our impact, the views of our stakeholders, and the risks and opportunities sustainability issues have for our business, in fiscal 2025, we completed a double materiality assessment in line with European Sustainability Reporting Standards (“ESRS”) guidance.

Our identified material topics will guide our program and inform our future reporting.

Governed Beautifully also means conducting business ethically and responsibly.

Our global compliance program, ‘Behave Beautifully,’ is designed to detect and prevent unlawful behavior and promote a culture of ethical business practice.

We also expect our suppliers to implement responsible practices and aim to manage any negative environmental, social, or economic impacts through our Code of Conduct for Business Partners, supplier assessments and ethical sourcing practices.

The Beauty of Our Planet

Conserving and protecting the natural environment is a vital part of our responsibility as a business.

We are committed to minimizing the environmental impact of our operations and preserving resources for generations to come.

Our short-term greenhouse gas emissions targets are approved by the Science Based Target initiative (“SBTi”).

The targets cover our greenhouse gas emissions for scopes 1 and 2, renewable electricity commitment and our greenhouse gas reduction for scope 3.

We are committed to minimizing the environmental impact of our operations.

Our short-term greenhouse gas (“GHG”) emissions targets are approved by the Science Based Target initiative (“SBTi”).

The targets cover our GHG emissions for scopes 1 and 2, renewable electricity commitment and our GHG reduction for scope 3.

In November 2023, we committed to the SBTi to set emissions reduction targets in line with science-based net-zero 1 .

We continue to focus on the implementation of these targets with the development of operational plans.

We are currently implementing our climate strategy focusing on three focus areas:

our product impact, our transportation and the impact of our own operations.

In fiscal 2024, we have expanded our solar panel use across four sites and we now have eight carbon neutral sites, labs and offices 2 .

Air freight emissions have decreased by more than 50% since 2019 due to the efforts of our transport and supply chain teams to improve planning and educating internal stakeholders about the importance of shifting to less carbon intense modes of transport.

In our efforts to reduce our impacts on the environment, none of the waste from our factories and distribution centers 3 was sent to landfi

We are currently implementing our climate strategy focusing on areas:

packaging, formula, sourcing, transportation, media, merchandising and the impact of our own operations.

For the first time, we conducted a climate risks assessment in line with Task Force on Climate-related Financial Disclosures (“TCFD”) framework to improve our risks and opportunities assessment.

Our products have an important role to play in building a sustainable future for the beauty sector.We are changing the way we design, formulate and manufacture in order to minimize our environmental impact and create innovative products.

1 Per SBTi target setting process, targets will be set within 24 months of November 2023.

2 Scope 1 and 2 emissions .

3 The scope for our waste reporting is our factories and distribution centers managed by Coty.

For our reporting on our emissions, energy usage and water consumption our scope covers our factories and distribution centers managed by Coty and our corporate offices (14 factories and distribution centers, and 40+ offices and R&D centers) and excludes third-party operated factories and distribution centers.

ll, while most was reused, recycled, or composted.

We have implemented several measures to reduce water consumption across our plants and distribution centers.

While certain projects are already in execution phase, other projects are in the early stages as we validate their feasibility and explore new ones to achieve our proposed targets.

We continue to evaluate and modify our processes and activities to further limit our impact on the environment and to enable the deployment of our climate-related initiatives to meet our proposed targets.

introduced an internal product ‘Carbon Kind’ score, which acts as launch acceptance criteria for all new products, embedding a quantitative measure of eco-design into our design process.

Packaging contributes to our environmental footprint.

In 2024, we shared ambitious new packaging targets to promote circular design.

We also introduced our first water target to reduce our water withdrawal, strengthening our commitments to reducing our environmental impact.

We recognize that sustainability efforts require collaboration which goes beyond our own organization.

In 2024, we rejoined the Ellen MacArthur Foundation Network as a Member to support us to implement and scale circular design.

We continue to evaluate and modify our processes and activities to further limit our impact on the environment as we implement our sustainability strategy.

The Beauty of Our People

We are committed to playing our part in creating a more inclusive business and society.

We celebrate diversity in all its forms and continue to work towards building a more inclusive business.

We recognize the importance of diversity at a leadership level and throughout our whole organization.

In fiscal 2024, we made strides in advancing our Diversity, Equity, and Inclusion (DE&I) initiatives.

Through the Coty Academy, we enhanced our training programs to include DE&I fundamentals, unconscious bias, and cultural awareness.

Additionally, we launched a global toolkit to facilitate Learning Festivals aimed at bolstering interpersonal communication, collaboration, and DE&I skills across our organization.

Additionally, we strive for gender balance in leadership.

Our Executive Committee and our Board of Directors are majority female.

We also strive to reflect the communities we serve through our brands, which champion the diversity of beauty and beauty of diversity.

In fiscal 2024, Max Factor UK entered the second year of partnership with UNICEF to support Skills4Girls.

This program is helping give young girls the tools and resources to reach their full potential and become the next generation of successful leaders, entrepreneurs, and change-makers.

A notable development this year was the introduction of a pilot program with new performance management philosophy for senior leaders, centered around Co-Creation Principles.

This new approach is pivotal in our efforts to transform our workplace culture into a more inclusive and empowering environment.

We have expanded our parental leave policy to offer 14 weeks of fully paid leave to all employees globally, regardless of gender, further reinforcing our commitment to creating supportive and equitable work environments.

Our dedication to DE&I has been recognized through various accolades, including one of our UK subsidiaries’ ranking among Stonewall’s Top 100 LGBTQIA+ Employers and our recognition as a leader in LGBTQ+ workplace inclusion in the US Corporate Equality Index.

Additionally, two of our UK subsidiaries have achieved certification as Disability Confident Committed Employers, underscoring our commitment to accessible and inclusive work settings.

We continue to focus on the development of our associates to foster their career growth and long-term employability.

We are committed to playing our part in creating an inclusive business and society and helping to build a beauty industry that respects and protects human rights across the value chain.

We celebrate the beauty of our people and aspire to build a workplace where all employees are welcome and included.

We recognize the importance of diverse leadership and perspectives.

We have been focused on making progress on pay equity for similar roles and performance, regardless of gender, and will report our progress in our upcoming sustainability report.

We continue to focus on the development of our associates to foster their career growth.

Our training programs at the Coty Academy are designed to align with business priorities and to enhance essential skills such as personal effectiveness, people management, and leadership.

Annual Learning Festivals have been hosted at most of our largest sites and are supported by our Leadership Team.

The Learning Festivals feature a strategic and experiential agenda, that have been extremely well-received.

These festivals are crucial in our commitment to building capabilities aligned with our strategic priorities.

They include a comprehensive delivery and communication plan along with training modules focused on interpersonal skills, collaboration, and DE&I content, effectively training thousands of participants on a variety of topics.

These initiatives collectively reflect our ongoing commitment to not only embrace diversity but also to actively nurture and develop the potential of every associate within our global community.

As of October 2023, we maintained our commitment to pay equity for similar roles and performance, regardless of gender by reducing the gap in every level of our global management categories.

Our global Health and Safety Policy governs the management of work-related health and safety risks across all our manufacturing and distribution sites, including corporate offices.

The policy, which is complemented by our Code of Conduct, sets out the principles that guide our approach to Health and Safety, as well as outlining responsibilities within the business.

Consumer safety is a top priority.

In fiscal year 2025, we published our Product and Ingredient Policy, outlining the standards and procedures we follow when selecting ingredients and materials for usage in our products.

Our impact on people reaches across our entire value chain.

Managing our supply chain responsibly involves diligent attention to raw materials that may pose potential human rights risks.

In calendar year 2024, we conducted a new third-party human rights risk mapping of Coty’s procurement functions against leading recognized indicators.

Government Regulation

3 unchanged sentences

Because we have commercial operations overseas, we are also subject to the U.S.

Foreign Corrupt Practices Act (the “FCPA”) as well as other countries’ anti-corruption and anti-bribery regimes, such as the U.K.

We are subject to numerous foreign, federal, provincial, state, municipal and local environmental, health and safety laws and regulations relating to, among other matters, safe working conditions, product stewardship, and environmental protection, including those relating to emissions to the air, discharges to land and surface waters, deforestation and land use, generation, handling, storage, transportation, treatment and disposal of hazardous substances and waste materials, and the registration and evaluation of chemicals.

We maintain policies and procedures to monitor and control environmental, health and safety risks,

and to monitor compliance with applicable environmental, health and safety requirements.

Foreign Corrupt Practices Act as well as other countries’ anti-corruption and anti-bribery regimes, such as the U.K.

We are subject to numerous foreign, federal, provincial, state, municipal and local environmental, health and safety laws and regulations relating to, among other matters, safe working conditions, product stewardship, and environmental protection, including those relating to GHG emissions, discharges to land and surface waters, deforestation and land use, generation, handling, storage, transportation, treatment and disposal of hazardous substances and waste materials, and the registration and evaluation of chemicals.

We maintain policies and procedures to monitor and control environmental, health and safety risks, and to monitor compliance with applicable environmental, health and safety requirements.

Compliance with such laws and regulations pertaining to the discharge of materials into the environment, or otherwise relating to the protection of the environment, has not had a material effect upon our capital expenditures, earnings or competitive position.

6 unchanged sentences

Regulators increased focus on climate change and other sustainability issues may lead to more scrutiny by investors and other stakeholders in Europe.

In fiscal year 2025, we are assessing our compliance obligations and the impact the European Union Deforestation Regulation (“EUDR”) will have on our business as it will require companies trading in certain commodities, including, but not limited to, palm oil, wood, as well as products derived from these commodities, to ensure these commodities and related products do not result from deforestation or forest degradation in order to sell such products in the European Union.

In addition, the E.U.’s Corporate Sustainability Due Diligence Directive (“CSDDD”), adopted in July 2024, may subject certain of our E.U.

entities to additional due diligence obligations and governance requirements with respect to their own operations and “chain(s) of activities,” as promulgated, and activities of their external suppliers in their upstream value chain.

In the U.S., certain states, such as California, and the U.S.

Congress have proposed legislation relating to chemical disclosure and other requirements related to the content of our products.

For more information, see “Risk Factors— Changes in laws, regulations and policies that affect our business or products could adversely affect our business, financial condition and results of operations.

We continuously assess our compliance obligations and the impact the European Union Deforestation Regulation (“EUDR”) will have on our business as it will require due diligence on our value chain to ensure covered commodities and related products do not contribute to global deforestation and forest degradation.

In addition, the E.U.’s Corporate Sustainability Due Diligence Directive (“CSDDD”), expected to apply from 2027, may subject certain of our E.U.

entities to engage in additional due diligence obligations and governance requirements with respect to their own operations and “chain(s) of activities,” as promulgated, and activities of their external suppliers in their upstream value chain.

In the U.S., certain states, such as California, have proposed and adopted legislation relating to corporate climate disclosures, chemical disclosure and other requirements related to the content of our products.

For more information, see “Risk Factors—

Changes in laws, regulations and policies that affect our business or products could adversely affect our business, financial condition and results of operations.

The Company’s sales generally increase during the second fiscal quarter as a result of increased demand associated with the winter holiday season.

12 unchanged sentences

(iv) Charters for the Audit and Finance Committee and Remuneration and Nomination Committee;

and (vi) sustainability information, including information on our sustainability strategy, Beauty that Lasts , and our diversity, equity and inclusion strategy.

and (v) sustainability information, including information on our sustainability strategy, Beauty that Lasts .

The information on our website is not, and will not be deemed to be, a part of this annual report on Form 10-K or incorporated into any of our other filings with the SEC.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business