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Table of Contents

Abstract ……………………………………………………………… 3
Introduction …………………………………………………………. 3
Project 1
Analysis of micro environment ……………………………………………. 4

Analysis of macro environment ………………………………………….....5

Product Portfolio …………………………………………………………7

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Recommendation for internationalisation …………………………………. .8

Project 2
Institutional homogeneity and heterogeneity analysis ………………………. .9

Production factor accessibility analysis …………………………………… ..11

Analysis of market potential ……………………………………………… 13

Target segment identification and sales potential analysis ……………………. 13

Analysis of competition ……………………………………………………14

Selection of market potential ……………………………………………… 14

Porter’s National Diamond ………………………………………………… 15

Project 3
Entry Mode …………………………………………………………….. 17

Identification and rationalisation of strategic supplier and partner in the host country .. 18

Financial Planning ………………………………………………………..18

Exit Strategy …………………………………………………………….. 18

Conclusion ……………………………………………………………..18
Appendix ……………………………………………………………… 20
References ………………………………………………………………22

Abstract:

COTY has grown immensely as an online business, with selling online beauty products to
men and women, and the popularity of this strived the group to research this into more detail.
The highlight of our project task was to formulate an internationalisation strategy for a
business that is based in the UK, taking in consideration destination search and market
selection that was the most suitable for the internationalisation. Out of the 3 countries,
Indonesia was the one that was chosen collectively, as we researched in depth the readiness
of this country. We found that the labour costs were the main advantage as well as the level
of skill that was provided. The recommendations are to partner with more beauty
organisations.

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Introduction:

This report will consist of in-depth findings and analysis of COTY the beauty brand business
which is broken down into 3 projects.

Firstly, starting off with the introduction and background of COTY to gain an insight on how
they operate and what makes them gain competitive advantage.

Followed by the considered destination and market where COTY can potentially
internationalise to, ensuring that the most suitable country is based on the country’s position
at this point in time and how attractive it is to that market.

Thirdly, the proposal of the business plan in which it will include the selection and
justification of entry mode and which ones benefit COTY, financial planning and an exit
strategy. Finally concluding the findings and recommendations.

Introduction to COTY

The company discussed in this report is COTY. COTY describes itself as a “World-leading
beauty company making cosmetic, skincare, fragrances and styling brand.” COTY is
involved in the production, marketing and selling of many beauty cosmetic brands. COTY
has a broad portfolio of brands associated with it, and this is a result of COTY’S business
strategy. COTY’S strategy revolves around acquiring brands that are already established in
the market, as well as gaining the licence to sell other brand’s products. In total COTY owns
and licences 75 brands. Due to the competitive nature of the beauty sector, COTY has many
competitors these include: Loreal, Sally Beauty and Estee Launder.

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Project 1:

Analysis of the microenvironment

COTY’s purpose is to celebrate and liberate the diversity of beauty, in which they believe the
beauty lies within the individuality of its people that makes the initial difference. The
authenticity is the prime reason expressing a way the person is, emphasising their own
beauty. The business also strives and challenges to build to inspire and enable consumers to
experience the confidence and joy of being themselves and to build confidence within an
individual.

As COTY have a strategic partnership with Kylie Cosmetics, their objective is to make an
investment on the rate of return on this business as it is adding on to the success of the
company.

They have reduced their carbon footprint by 9% and by more than 25% when compared to
the intensity of tonnes of c02 emissions per million dollars revenue for scope 1 and 2 carbon
emissions. As they do take in consideration the environmental state of the planet, they are
making plans to protect the planet and by this they have planned ahead in regards to reducing
carbon emissions by creating efficiencies across their value chain, as well as reduce and re-
use their waste when making their products and to minimise water use where they can as
much as possible. (This can be seen from Figure 1.)

Figure 1: Scope of the carbon footprint and the total emissions from 2017-2019.

Innovation and R&D

4
According to the COTY website, they launched a digital accelerator which the press release
was on 21st February 2018. It is a set of innovative start-ups a forum to connect directly with
COTY’s colleagues and brands through the lens of a specific capability. Upcoming themes
will likely include AR, voice and 3D printing.
In December, 2018, COTY introduces a breakthrough multisensory fragrance discovery
experience – where it utilizes customers touch, smell sound and sight to then create a visual
and immersive journey of a wide variety of fragrances. A virtual reality headset is worn to
see 3d visuals and sound of a unique territory and universe which then customers can find
their perfect fragrance match preferred on their preferred territory. The experience was
developed by COTY’s inhouse innovation teams in collaboration with DVgroup, an award-
winning digital and VR innovation studio that mixes genres and formats to create striking
immersive and interactive experiences.

Macro risk analysis – PESTLE

Pricing regulations and wage legislations – overtime and wages.

The economic GDP growth rate will determine its long-term strategies – a higher GDP means
that the customers spending abilities will be more than usual.

The social demographic trends which can include consumer habits and purchasing decisions
such as shopping preferences trends shopping online rather in store.

The technology social media marketing to correlate to the usage of the internet and
ecommerce which has become more popular. Their ongoing technological innovations are
way ahead of their competition therefore holding a competitive advantage.

The legal analysis shows that they will have to consider health and safety regulations
regarding their packaging of their products. Their online website having secure data
protection to ensure customers are comfortable in giving their details. Patents law.

The environmental stage shows they need to consider their attitudes towards green/ecological
products for example their packaging of their products. Weather and climactic conditions
may affect the business efficiency - influencing consumers spending.

Porters 5 Forces

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Porters five forces which have a significant impact of a business’s possibility within the
industry. These include the Threat of New Entrants, Bargaining Power of Suppliers,
Bargaining Power of Buyers, Threat from Substitute Products and Rivalry among the existing
players.

New entrants in Personal Products brings innovation, new ways of doing things and put
pressure on COTY Inc. through lower pricing strategy, reducing costs, and providing new
value propositions to the customers. COTY Inc. has to manage all these challenges and build
barriers. With regards to innovation, the technology aspects are what they lead in.

Suppliers in dominant position can decrease the margins COTY Inc. can earn in the market.
Powerful suppliers in Consumer Goods sector use their negotiating power to extract higher
prices from the firms in Personal Products field. The overall impact of higher supplier
bargaining power is that it lowers the overall profitability of Personal Products.

The higher the bargaining power of the customers and higher their ability to seek increasing
discounts and offers. When a new product or service meets a similar customer needs in
different ways, industry profitability suffers.

The threat of a substitute product or service is high if it offers a value proposition that is
uniquely different from present offerings of the industry. If the rivalry among the existing
players in an industry is intense then it will drive down prices and decrease the overall
profitability of the industry. COTY Inc. operates in a very competitive Personal Products
industry. This competition does take toll on the overall long-term profitability of the
organization.

By analysing all the five competitive forces COTY Inc. They can identify game changing
trends early on and can swiftly respond to exploit the emerging opportunity.

Product Portfolio
By analysing COTY’S portfolio of products using the Boston Matrix, it can help to
differentiate the products as well as identifying opportunities for market growth. As a result
of COTY’S business strategy, the majority of COTY’S products sit in the cash cow section.
To gain the most profit from this section, COTY should attempt to reduce costs associated
with these brands. These brands will sell regardless of the capital invested, as the brand
image already persuades customers to purchase.

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Currently, COTY’S portfolio of products has minimal risk associated with it. COTY has no
products in the question mark or dog section of the matrix; this can be a positive because it
decreases the amount of uncertainty within the company, which is vital in gaining
investment. However, it also means COTY’S market growth is going to stagnant as there is
no products or services driving growth. COTY is still acquiring brands as shown by their
recent acquisition of Kylie cosmetics (BBC 2019) and 43 of Proctor and Gamble’s brands
(The Guardian 2015).

Recommendation for Internationalisation

According to COTY’S 2018 report, future growth is dependent on their ability to implement
global business strategies. COTY already has experience expanding to other countries. If
COTY can replicate their strategy to other countries, they may increase their market growth.
The acquisition of Proctor and Gamble in 2017 has led to increased costs and overall net loss
in 2017 and 2018; these costs were unexpected. This may result in COTY not having the
financial stability to expand through globalisation.

In conclusion, COTY should expand to other countries. COTY has gained experience through
previous globalisation the experience will aid COTY with the marketing, supply chain and
cost management. COTY also has a wide variety of products that are recognisable throughout
the world. As shown by Muhammad Ehsan Malik (2013) “Brand image has a strong positive
impact on consumer buying behaviour”. However, the negative impact of the Porter and
Gamble acquisition should be taken into account. Especially after making a net loss in 2017

7
and 2018, COTY may not have the finances to globalise further. COTY should attempt to
reduce costs to save revenue for future globalisation. Meaning no acquisitions will be made
in the next couple of years. COTY could potentially use the revenue gained from its cash cow
products and invest it into globalisation.

Project 2:

Institutional homogeneity and heterogeneity analysis 

The highest potential market that was most suitable for COTY to enter is United Arab
Emirates (UAE), Indonesia and Turkey. We analysed governing institutions in each country
hoping the conduct business is as high as the UK when it comes to legal and regulatory
homogeneity. The governing institutions were voice & accountability, political stability &
absence of violence, Government effectiveness, regulatory quality rule of law and control of
corruption.  

Analysis spreadsheet: 

Voice & Accountability  

All three countries have relatively low voice & accountability especially in UAE (-1.10)
which means country citizens are not able to participate in selecting their government as well

8
as freedom of expression etc. Government most likely do not take to well to any criticism
they face.    

Political stability & Absence of violence  

UAE (0.74) have a higher rate than Indonesia (-0.53) and Turkey (-1.33) which means order
is stored in the nation and the government is less likely to be overthrown by violent means
including politically motivated violence and terrorism which is even better than the UK.
Tukey are more at risk than Indonesia for violence commencing as there is hostility in the
nation when it comes to political belief which effects business as associations/political beliefs
can put people lives at risk of being killed or jailed.  

Government effectiveness 
UAE (1.43) far exceeds the government effectiveness rate than Indonesia (0.18) and Turkey
(0.01) which means they are more committed to implement such polices that will improve the
quality of public services, quality of the civil services and more. They have even a higher
credibility rate than the UK, so they place the importance of achieving and promoting
excellence. Turkey being the lowest means that the government effectiveness is not
impactful.

Regulatory Quality   
UAE (0.93) has the quiet far the highest rate ahead of Indonesia (-0.07) and Turkey (-
0.05) which means the government in UAE have more of the ability to formulate and
implement sound policies and regulations that permit and promote private sector
development. The other nations are prone to corruption and sweeping misconduct under the
rug for maybe financial gain or increase in dominance which puts the standards of citizens
livelihood at being minimal.    

Rule of Law  
UAE (0.81) has the highest rate out of Indonesia (-0.31) and Turkey (-0.32) which means
there is a high tolerance for people not breaking the law. People have confidence that the law
is upheld with upmost respect and people will abide by the rules of society, respect contract
enforcement etc. In Indonesia and Turkey, the likelihood of crimes and violence to be
committed is very high which possibly suggest that people will break the law and avoid
charges.  

9
   
Control of Corruption 
UAE have the highest rate of controlling corruption than the other two nation which means it
is difficult for public power to be exercised for practise gain being both petty and grand forms
of corruption. There is no tolerance for corruption whereas in Indonesia and Turkey their
corruption is most likely bend for only privileged class of leaders & influencers meaning they
can cut corners to get what they desire which is most likely being financial gains.  

Production factor accessibility analysis 

Technology

In this graph as we can see in October 2019 Turkey

and Indonesia both PMI all below 50 only UAE higher
than 50 which is means UAE economic is expanding
in 2019. 

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 Labour availability

In this graph show clearly about unemployment rate in

thesis three countries. In 2020 January. The highest
unemployment rate is Turkey which is 13.8 therefore, if
COTY access to the market in Turkey may easier to
employ the employees in Turkey rather than Indonesia
and UAE. 

 
 
 
 
 
 
 
 
Capital
 
These three graphs show the GDP annual growth
rate. From January 2018 to January 2020.  GDP
growth the most fastest one is Indonesia which

11
means the living standard of the people in Indonesia will be higher than that of other
countries.  

Market potential

Indonesia has great market potential; the country has a number of characteristics which
allows COTY to be in a great position. This includes a strong support system, creating
employment for 108 million Indonesia’s, labour availability especially for youths and finally
the use of technology.

There are hundreds of diverse privately held business groups in Indonesia. Indonesia’s micro,
small and medium sized enterprises, which together account for 99 percent of the total
amount of enterprises that are active in Indonesia, are important too. They account for about
60 percent of Indonesia’s gross domestic product (GDP) and create employment to nearly
108 million Indonesians.

The labour availability is around 130 million workers in Indonesia and 7 million who are
unemployed. Consequently, creating opportunities especially for youth employment which
will require immediate action as it currently contains a large labour force. The capital is
required to set up a business; Indonesia is a fast-growing middle-class location and it is
becoming a valuable target group for investors.

Technology has become the largest spender on IT in Southeast Asia as they have a rapid
development in this sector, with predicted annual growth of 50%. As a result of this they can
enhance the online use to gain competitive advantage.

Target Segment Identification

We have identified that COTY target market are women from 25 – 51. According to Euro
Monitor International (2018) Fragrances saw a lower current value growth rate than both

12
cosmetics and skin care. So, people depend more on deodorant, soap and etc because they see
it as essential and with fragrances is more of a luxury item if affordable.
In order to increase or sustain a high level of sales in fragrances a lot of funding has to go to
promotion and marketing – making sure that the prices are in a way align to the economic
forecast because a large sector of the population possibly do not have the funds to spend on
fragrances frequently. Also, COTY can increase their potential by partnering with
local/premium stores that are popular in Indonesia making it easier for them gain new
customers and dominating the marketing in the country.
Analysis of the competition from domestic / other MNCs
France dominates the global cosmetics market with a 23% share. In 2017, the entire
industry's net sales reached 45 billion euros, including: 2.9 billion from raw material
suppliers, 24 billion from finished product manufacturers, and 5 billion euros from retailers.
Together with exports of 14 billion euros. Specifically, the outstanding performance of the
French cosmetics industry is based on its substantial investment in innovation. Each year, the
French cosmetics industry invests 2% of its turnover in research and development. Large
groups are even more powerful drivers of innovation, with R & D expenditures accounting
for 3% of their turnover.

Selection of the market potential

The countries that were chose to analyse the market potential was UAE, Turkey and
Indonesia. All very diverse countries and had benefits and limitations within themselves.

Firstly, UAE was ranked 16th in the world to start up a business in, this is due to the fact it is a
very high income, wealthy country and start up business would have a small chance of failure
in the first few years of trading. However, the laws and regulations of the country is seen to
be very strict regarding women leaving the marital home unless there is consent which loses
our target. Furthermore, there are costs for an online procedure which consists of legal forms
and licenses which is a paying total of 27,000AED on top of start-up businesses costs.

Secondly, Turkey is ranked as 33rd in the world to start up a business and is a middle-class
earning country. When going through the procedure of starting up a business, the foreign
investor must also need the benefit from a certain amount of capital before initially starting
up the business, this adds extra unnecessary costs beforehand.

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Finally, the country that was decided to go with was Indonesia. Although it was the lowest
ranked at 73rd in the world, it is still considered as a medium income country. When choosing
the most suitable country, the labour workers were looked at and it was cheaper to have them
working than the two other countries, and they tend to have knowledge of skills when it
comes to this. Additionally, trading across their barriers is easy, quick and reliable.

u Indonesia: 267million x 42% = 112,140,000

112,000,000 x 1 x 6 x £90 = £60,480,000,000

u Turkey: 82,000,000 x 43% = 35,260,000

35,260,000 x 1 x 6 x £90 = £17,420,400,000

u UAE: 9,000,000 x 40% = 3,600,000

3,600,000 x 1 x 6 x £90 = £1,944,000,0000

Application of Porters National Diamond for COTY

Firm Strategy, Structure and Rivalry

A competitive advantage in operating in UAE (Dubai specifically) that the other two nations
is the government diversification strategy has moved from oil residence economy to service
and tourism oriented. This means that they focus on attracting attention via innovative
constructions buildings and sports centres. Also having a no tax area automatically means
competition and innovations is always present which creates pressure to innovate to upgrade
competitiveness. COTY are already an international brand so they would find it easier to
sustain or increase the pressure of being a top competitor in their industry.

Factor

The UAE for some while has been very known to be rich in natural resources such as oil
hence why they are the largest exporters of oil worldwide as they the higher government
effectiveness rate than Indonesia and Turkey so they are likely to implement a skilled labour

14
force, good infrastructure and scientific knowledge as Porter (1990) stressed that it is
important to have created factor condition in place in order to continuously develop new
skills and knowledge.

Demand Condition

There is a competitive advantage in all three destinations especially in UAE and Indonesia.
UAE have established themselves as a prominent hub for tourism and international business
as 80% of the population are expat and the 20% are locals. Tourism is important for the
government strategy to

In recent years Indonesia has raise the role of manufacturing industry which could be an
advantage for COTY as they can set up factories for less money than in other nations, they
have which gives local people to themselves in a position to better in life. Also, it opens the
market for COTY to sell brand good that is not available in the country. So, they can sell
things for satisfaction purpose and necessity that cater to people’s everyday needs so soap,
deodorant, make up etc. On a national level ,only those with good income can afford the top
brands which are not a lot of so making affordable to everyone can increase competitive
advantage.

Government

UAE government are most likely to help and support the industry COTY operate in so they
will encourage and push companies to raise their aspirations and move to higher level of
competitiveness.

Chance:

The chances of war out break and natural disasters occurring is in Indonesia and Turkey
which can have negative affect on not only the country but the industry as they may have to
put their business on hold in order to avoid any problems with the law or anti government.

15
Project 3

Entry mode

An organisation has a variety of entry modes to choose from when it internationalises its
operations, including exporting, licensing, franchising, specialised mode and foreign direct
investment. An excel spreadsheet was created in order to rate how suitable the entry mode
was to COTY operating in Indonesia. (which can be viewed in the appendix as figure 2)

With regards to exporting, indirect, direct and intra-corporate transfers were analysed, and it
was decided the most appropriate export is direct exporting. It’s a method of exporting goods
directly the foreign buyers by the manufacturer/business itself or the agency in the foreign
country. It is seen that firms generally have a higher turnover generally exporting their
products directly to a foreign buyer which is can be seen as a potential for COTY. In the
spreadsheet, it scored 37/45 which was the highest as opposed to indirect export being 33 and
intra-corporate transfers with 24.

Next, is the licencing, it is a cross border agreement that permits organisations in the target
country the rights to use the property of the licensor (Kotler & Armstrong, 2012). This is an
intangible property which includes patents, copyright, trademarks and production techniques.
This is considered as a necessity for any business going international and therefore on the
spreadsheet with 38.

Franchising in the foreign market won’t be as beneficial to COTY operating in Indonesia.

Although the benefits include capitalises on an already successful strategy, knowledge is
already known and less risky there is points such as less of control or the other business has
the opportunity to over right the business is seen to be a big limitation. Therefore, only a 27
when considering all the points.

16
The specialised modes, which includes contract manufacturing, management contracts and
turnkey products. Management contracts seemed to be the best to go with according to the
spreadsheet, it was best fitted with COTYs goals, resources, products which it can be seen as
an enhanced compliance and less spending amongst others which is a financial benefit as a
business. when rating these in the excel spreadsheet; contract manufacturing was 23,
management contracts was the highest at 33 and turnkey products was the least at 22.

Lastly, Foreign direct investment which consisted of three strategies including the greenfield
and acquisition and a joint venture. With regards to the scoring rule the greenfield strategy is
the most convenient as it complied to the technological benefits that COTY already have and
there would be a possibility that it could expand in the future and using this strategy would be
beneficial to work on it, scoring a high 39. Although this may seem very expensive to handle,
the innovation if the technology incorporated in COTY gives them a market lead and a
competitive advantage.

Strategic supplier and partner in the host country

It was discovered that Indonesia have 2 two potential partners in Jakarta and Bali and with
regards to a partnership it would be appropriate to have a strategic partnership as it has
already been established in the business and it can be further developed in the beauty
industry.

Financial Planning

The scenario planning is based on the best- and worst-case scenario in which it takes the
highest potential profit COTY could make compared to the worst. With regards to the best-
case scenario, there is a 25% increase in the first year of trading however, this drops
dramatically to a 5% increase in the second year but then increasing by 23.5% in the next
year, 2022 to 28.5%. Compared to the worst-case scenario where in the first year, there is a
9.4% increase, with a fall to 6% drop in the second year, it then rises to 18.5% in the year
2022. There is no loss however, it is a significant amount of loss compared to the ‘best’
scenario. (this can be seen in the appendix as figure 3)

Exit Strategy

The exit strategy is the contingency plan than us going to be executed by the company if its
trading doesn’t go up to the standard that is adequate. We have chosen to sell the current

17
assets that is still available at the business, intangible and tangible and with the completion of
this, it will lead to eventually shutting the company down.

Conclusion:

Throughout the report, it is evident that the country for internationalisation has been
established, thinking of the benefits and limitations of this by comparing this to existing data
and other countries. The recommendations for COTY operating in Indonesia is to potentially
be partnering up with existing beauty organisations in that country to help establish the
business more and help in the market.

18
Appendix

Figure 2:

Figure 3:

19
Figure 4:
Bowman’s strategy clock

COTY’s positioning would be hybrid and monopoly pricing (3 and 7). It is involved with luxury,
professional beauty and consumer beauty. COTY is involved with all these luxury brands which allow
them to increase their profits year upon year.

20
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