COTY UK LIMITED
Company number: 00298483
Reporting period:
1 July 2024 to 31 December 2024
Report filed on:
3 February 2025
Approved by:
Massoomi Hosenbokus
Payment statistics
Average time taken to pay invoices: 62 days
Invoices paid:
- within 30 days: 28%
- in 31 to 60 days: 25%
- in 61 days or more: 47%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 23%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
120 days
Standard payment terms
For 3rd party suppliers the standard payment terms are 120 days
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
120 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
All invoices are sent to the Shared Service Center, where they are recorded in the Accounts Payable Ledger. The Accounts Payable team, based in the Shared Service Center, is contactable by phone and by email. Vendors with invoice queries need to contact the Accounts Payable team in the first instance and they will work to resolve the query. If the Accounts Payable team are not able to resolve or if it is not clear from the system why the invoice has not been approved for payment, the Accounts Payable team will reach out to the invoice contact or Purchase Order Originator for assistance. If resolution is still not possible then the standard process is to be followed per the UK Terms & Conditions (for Goods and Services) Coty has also launched its e-invoicing facility Tradeshift allowing vendors to directly match invoices against PO’s. This allows for early identification of potential issues with an invoice that the vendor can address at the point of submission rather than having to wait for the Shared Service Center to inform them had the invoice been submitted by email. The full implementation of Tradeshift across all Coty UK suppliers is in progress.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
Yes
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No