Projo Biz Blog

Beauty product firm Coty Inc. is opening an office in Cumberland near the headquarters of drugstore chain CVS Caremark Corp. (CVS:NYSE), according to the Economic Development Foundation of Rhode Island.

Coty sells cosmetics, fragrances, skin care and toiletry products under brands that include Calvin Klein, Kenneth Cole, Gwen Stefani, Sara Jessica Parker and Vera Wang. The company had sales of $4 billion for the fiscal year that ended last June 30.

The move comes as CVS, which operates 6,800 stores nationwide, makes a big push in its cosmetic sales. CVS debuted "Beauty 360" in 2008, a two-store test operation to sell high-end cosmetics. CVS hopes to open 50 "Beauty 360" outlets by the end of the year.

Based in New York City, Coty employs more than 8,500 people at offices in 30 countries. This summer, it will move an undetermined number of workers to a 5,500-square-foot office in the Cumberland Commerce Center, a two-building development inside the Highland Corporate Park in Cumberland.

Coty wants workers in Rhode Island to handle its sales to CVS, a Coty spokeswoman said.

CVS has made its home in a 500,000-square-foot headquarters in the park - which is partly in the Town of Cumberland and partly in the City of Woonsocket - since 1982. CVS is expanding its presence in the park, constructing two buildings with a total of 300,000 square feet on the Cumberland side of the complex.

 Tags  beauty products cosmetics Coty Cumberland CVS Caremark drugstores economy jobs retail Woonsocket

---