Coty recently confirmed that it is conducting an overhaul of Beamly, an ad-tech and digital media operation it purchased in 2015, which could involve the effective shuttering of the unit. The announcement comes after the recent exit of Beamly CEO Jason Forbes, who simultaneously served as Coty’s chief digital and media officer since 2016.
Cosmetics Giant Coty Confirms Overhaul of Digital Unit Beamly
It remains uncertain if the digital agency will continue to operate as a result of a process that will involve splitting the outfit including the potential sunsetting of the Beamly brand. Per LinkedIn, Beamly has a headcount of circa 150 employees who will now work across three units: digital media, product and engineering, and creative services. It’s currently unknown if this transition will involve layoffs, although sources say the process may involve transferring headcount.
The Coty statement outlined the move will involve transitioning digital media services to Zenith, Coty’s lead media agency as the company continues to “identify the best way forward for the other groups.”
Coty Speaks on the Decision
A Coty spokesperson confirmed Forbes’ exit and sent the following statement to Adweek: “After a thorough strategic review, it is now our intention for Beamly to no longer operate in its current form. This is in line with our turnaround plan as we aim for a simpler, optimized structure.”
Source: Ad Week