Coty’s China Momentum Reflects Consumer ‘Obsession’ With Prestige; Q3 Sales Up 15%
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.
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China’s “zero-COVID” policy and associated lockdowns were felt deeply in the 2022 first quarter by cosmetics giants in neighboring countries and global market leaders. Effects likely will be more pronounced in Q2.
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.
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.