Algerian-born French entrepreneur Sue Youcef Nabi has experienced another setback with her investment in American beauty giant Coty Inc., adding to prior declines in her portfolio.
According to data tracked by Billionaires.Africa , Nabi's stake in Coty has dropped by $37.9 million over the past 27 days. This decline is part of a continuing trend that has seen her stake decrease from $ 324.56 million to $296.08 million between May 28 and June 21.
Coty suffers 12% stock decline, market cap drops below $8 billionCoty Inc. , an American multinational beauty company founded in 1904 by Francois Coty, has grown into a global leader in the fragrance industry. It holds the second-largest market share in hair color and styling products and ranks third in color cosmetics.
The company's shares on the NYSE have fallen by 112 percent over the last 27 days, from $10.44 on July 12 to $9.19. This recent downturn has caused Coty's market capitalization to drop below $8 billion, translating into significant losses for shareholders, including Nabi.
