Coty Inc. has announced its preliminary first-quarter results, revealing a reduction in its revenue growth estimate to 4-5% from the previously projected 6%, citing tight retailer inventory management and a slower U.S. market. Despite the lowered revenue forecast, Coty reiterated its full-year adjusted EBITDA growth target of 9-11%, indicating expectations for stronger EBITDA margin expansion. Following the announcement, Coty's shares fell by 4%. This development aligns with broader industry trends, as competitors like Estée Lauder have also experienced significant declines, with Estée Lauder's market cap down to $35 billion and a year-to-date drawdown of 38%.