Coty Inc. said Wednesday that it has signed a letter of intent to partner with LanzaTech, a producer of sustainable ingredients, to produce eco-friendly fragrances. LanzaTech will provide sustainable ethanol, produced from industrial emissions. Coty aims to use the ingredient in the majority of its fragrances by 2023. Ethanol is key to fragrance production. Coty fragrance brands include Marc Jacobs, Chloe, Davidoff and Joop. Coty stock has rallied more than 13% for the year to date, but is down 10.3% for the past year. The S&P 500 index has gained nearly 29% for the las 12 months.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
- The Upcycler: It’s National Thrift Shop Day. Here are 7 tricks for scoring high-end clothes and more - August 17, 2022
- U.K. annual consumer prices surge 10.1% in July, highest since early 1980s - August 17, 2022
- Economic Report: U.K. consumer prices surge by 10.1% in July to highest since early 1980s - August 17, 2022