Through astute acquisitions and licensing partnerships, Coty Inc. has become the world’s largest fragrance company and a recognized leader in global beauty with annual net sales of US$4 bn. Driven by an entrepreneurial spirit, passion, innovation and creativity, Coty Inc. has developed an unrivalled portfolio of notable brands and delivers its innovative products to consumers in 90 markets worldwide. Rapid business growth and expansion into new regions brought a variety of challenges for treasury. Until a few years ago, although we had treasury centres in New York and Amsterdam, cash management, foreign exchange and funding were largely decentralised, leading to a high cost of borrowing and difficulties in achieving visibility over liquidity and risk. Consequently, we have focussed on centralising and automating many of our treasury processes, whilst respecting the local needs in each country, so that treasury is now positioned as a strategic part of the business expansion team at Coty. Today, we have a simple, but highly effective structure in cash management, financing and foreign exchange.