Rumors are circulating over Coty’s plans for the flagship space it recently secured in Manhattan’s Times Square, according to a report published by the Commercial Observer.
Coty USA signed a 10-year lease for the five-story 30 Times Square building earlier this month. The asking rent was pegged at US$6.5 million per annum. Sources close to the deal claim that the US cosmetics giant plans to convert the space into a flagship location for its Cover Girl brand, with a dedicated space for manicures and makeovers.
The new store is expected to open later this year and is broadly thought to be primarily a marketing initiative for the brand, which has been the subject of a comprehensive brand overhaul since it was acquired from Procter & Gamble in late 2016.