Exhibit 10.28

Laurent Mercier

28 Bis Rue des Missionnaires 78000 Versailles

Amsterdam, 8 June 2023 Subject: Salary increase

Dear Laurent,

Further to recent conversations and referring to your employment agreement, we are happy to confirm that as of 1 June 2023, you will receive a salary increase.

Your new gross base annual salary based on fulltime (100%) amounts to € 825.000,00 per year, including 8% holiday allowance. This means that your gross monthly salary will be € 63.657,41.

All other elements of your employment contract will remain unchanged.

Thank you for all your efforts so far and we look forward to an exciting and successful collaboration in the future.

Best Regards,

Coty Management B.V.

/s/ Annick Leeuwenberg

Annick Leeuwenberg

Senior Global HR Director - Finance, IT & Business Services

Coty Management B.V.