Coty’s Prestige Biz Returns To Growth In Q3, With Green Shoots In Mass
Coty’s “booming” prestige fragrance business in the US and strong growth in China drive a 2.4% like-for-like increase in prestige beauty sales for the quarter ended on 31 March. On the mass side, Coty is actively repositioning its Rimmel and Max Factor brands as its CoverGirl revamp shows early signs of success.
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Expecting China to evolve into the largest prestige beauty market in the world, Coty believes it is well-positioned to benefit as one of the fastest-growing beauty firms in the country as consumers increasingly flock to fragrance. The firm’s Asia Pacific sales grew 9% in the fiscal third quarter, reported, to $158.1m.
Firm recently announced a partnership with Taiwan-based augmented reality and artificial intelligence firm Perfect Corp., which should help drive digital engagement, bolster online sales, and provide data-driven personalization for brands including CoverGirl, Sally Hansen and philosophy, Coty says.
During Coty’s recent strategic update webcast, CEO Sue Nabi discussed what went wrong at CoverGirl in recent years and how the brand is reembracing its heritage to deliver “clean beauty to all.”