Coty CEO: sales grow as “consumers prioritise beauty as a fundamental pillar of wellbeing”

Coty CEO said consumers prioritise beauty for wellbeing

Its Prestige business was especially successful, and revenue grew by 15% (LFL) in Q2 and 18% (LFL) for the first half of the financial year, which CEO Sue Nabi said was “outperforming the market.”

The multinational said that its Burberry Goddess fragrance, which launched last summer, continued to set new records and became the top seller in multiple markets.

Burberry’s Hero and Her scents also saw strong market share gains across the globe for the Burberry brand. While the Hugo Boss, Calvin Klein, Gucci, Chloé, Marc Jacobs and Davidoff fragrance brands all saw double digit growth in the first half.

For Colour Cosmetics in Q2, Kylie, Burberry and Gucci all saw double digit growth; and in the Skincare category, Coty’s relaunched brands Lancaster and philosophy continued their positive momentum.

In the earnings call, Coty CEO Sue Nabi said that Prestige revenue growth and sell-out are continuing to outperform the very strong prestige fragrance market. “While the prestige fragrance market grew close to 10% in both Q1 and Q2, our sell-out in both quarters outperformed, growing 12% to 13%. At the same time, our like-for-like revenue growth was higher, as we benefitted from the year-on-year recovery in fragrance service levels following the supply challenges last year. We estimate this benefit to be in the low-to-mid-single-digits percentage.”

“Affordable luxuries and forms of self-expression”

Meanwhile Consumer Beauty was up by 5% (LFL) for Q2 and 7% (LFL) for the first half and strong figures for colour cosmetics, mass fragrances, and mass skin & body care sales.

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