Coty's stock plummeted 13.02% in post-market trading on Thursday, following the release of its second-quarter fiscal 2026 results and a significant strategic update from its new leadership.

The beauty products maker withdrew its full-year financial guidance, citing a complex market backdrop and ongoing leadership transition. New interim CEO Markus Strobel described the company's financial performance over the past 18 months as "disappointing" and announced a new strategic framework called "Coty. Curated" to drive sharper focus on core brands.

Coty forecast third-quarter adjusted EBITDA to fall to $100-$110 million, well below analysts' average expectation of $201.6 million. The company also expects like-for-like revenues to decline by a mid-single-digit percentage in Q3, primarily due to weakening trends in its Consumer Beauty division, with gross margins anticipated to drop 200-300 basis points year-over-year.