He has led Coty Luxury for Iberia for four years, a group he joined after the merger with Procter & Gamble. In addition to his career, to which is added more than 12 years of experience in positions of responsibility in the mass consumption company, Iñaki Trincado (Vitoria, 1969) is endorsed by the passion with which he talks about his work.
His mission, he assures, is to allow people to dream even in difficult times and make them feel better, but also to do so in a sustainable way over time. For this reason, this year they have installed solar panels in their factory in Granollers, which now uses 100% green energy.
How are they living the crisis caused by the pandemic in Coty? We came from a very good year for the industry, 2019 was a record within selective products in all categories. As a sector, we had growth close to 15%. In addition, in Spain there is a very extensive productive fabric in this area, with which a lot is also exported.
According to data from Stanpa, we are the third country that exports the most, I believe that Spain exports more cosmetics and perfumes than wine and oil, but it is not known.
In addition, at Coty, we have one of the largest and best production centers in the world in Granollers, we produce fragrances for all of Europe. We were going great, but the pandemic arrived and it is one of the sectors that is suffering, like all those that are not of very first necessity, yes of first, but not of very first.
But it seems that now more importance is given to well-being and personal care. Yes, but when we say that the skin theme is going well, we mean that it is going less bad. There is no growth, there are double-digit decreases in all categories, then whether it is higher or lower depends on each product.
It is no longer just that they are not used because it comes out less, but, for example, a perfume is a dream, it seeks to generate an emotion. You buy a perfume because you like to smell like that, because you want to feel like a Chloé woman, with the French charm of being chic, and perfume helps you do that.
Now there is no collective spirit to dream. It is not that it is not a time to dream because that will always be, but it is more difficult to dream. Then the special dates arrive and people will continue to want to indulge themselves, a little indulgence, and they will continue to want to dream.
Concern for sustainability has also grown. Has it been reflected in consumption? The issue of sustainability came from before Covid-19, it is no longer a concern in itself, but it is the new normal. I also really like how we have done it in Coty, we have launched a program called Beauty that lasts (beauty that lasts, in English).
The duration of a perfume or makeup is important. Thinking that beauty lasts is key. We want to continue creating moments of beauty in the long term and for this, everything you do has to be done in a super sustainable way. The important thing here is to try to find a circular economy.
We are getting right into it. For example, in the Granollers factory, 100% of the energy used is green, the roof is full of solar panels. So that we can continue creating moments of beauty we cannot continue to burden the planet.
Contrary to the trend, since Coty does not launch green cosmetics. Why this decision? I believe that being green or sustainable does not have to be the reason to create a new product for them to buy from you. Sustainability has to be the basis of the product itself, it is a commitment.
It is very good at one point to take out a brand or a product, but I am firmly convinced that what you do you have to do in what you already have. If you launch novelties, it will go very well because it is fashion, but you cannot do just that.
Since 2017 we have reduced single use plastic by 20%. Transforming consumer brands has a much greater real impact because they reach more people.
There is Philosophy. Yes, but it is a brand that has not changed since it was born in 1996. It relies heavily on natural products and fashion has been very good for it, but it has been that way since its inception. In any case, we have not launched it in Spain, it is sold mainly in the US market.
Launching a brand is very expensive, you create a perfume and you know that you will be losing money for seven years. It is a very long-term investment, I have not seen anyone who is able to get an economic return in less time. I prefer to promote the brands that we already have here, for example, Gucci.
Gucci, Bottega Veneta … Coty is linked to several fashion firms. Yes, we usually have to associate luxury perfume brands with a fashion house. We are a gateway to the world of luxury at very interesting prices.
If you want to enter the Gucci universe, you have T-shirts at 300 euros or Gucci Bloom at less than 90 euros. We also left the world of fashion and took Tiffany, which is exactly the same example, but in jewelry. If you can’t access Tiffany’s solitaire, you buy the perfume, whose bottle is a replica of the world’s largest diamond and looks spectacular.