Coty Extends Winning CoverGirl ‘Clean’ Strategy To Rimmel Makeup, Debuting Now
Rimmel Kind & Free follows CoverGirl Clean rollouts last year, which have helped to rejuvenate the iconic brand and endear it to a younger audience. Coty’s Consumer Beauty division recorded an 11% increase in FY 2022 second-quarter sales to $570.2m, reported, capturing global market share for the first time in five years.
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Coty leadership says it has not seen any slowdown in fragrance “premiumization” trends, which bodes well for its booming Prestige business. Strong momentum in Consumer Beauty and a robust innovation pipeline across both divisions have the firm targeting 6%-8% like-for-like growth in fiscal 2023.
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.
Doubts about Coty’s “viability” have melted away with the return to growth of its Consumer Beauty division and momentum in its burgeoning skin-care and prestige cosmetics businesses. Coty now aims to beat the market with 6% to 8% compound annual revenue growth from fiscal 2022 through 2025.