Coty has announced strong results for Q3 for 2023 ended March 31, reporting Q3 core like-for-like sales were up 15 percent, “well ahead of expectations,” said the company.
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Coty’s sales rose in all regions, with EMEA demonstrating significant growth at 18 percent like-for-like, followed by Americas at 15 percent. Asia Pacific sales grew 4 percent, with stable growth in Asia and travel retail on top of gradual improvement in Mainland China.
Revenues in prestige fragrances grew 16 percent like-for-like as consumer demand continued to accelerate during the quarter. Coty said it is also focusing on its skincare strategy with activities across leading brands, such as launching Lancaster Ligne Princière skincare line in China and travel retail.
Its consumer beauty also delivered solid growth at 12 percent like-for-like, boosted by double-digit sales growth from Coty’s leading beauty brands including CoverGirl, Max Factor, and Rimmel.
“In a complex global environment, beauty remains an advantaged category with consumers, at the sweet spot of affordable luxury, self-care, and confidence boosting,” said Coty chief executive officer Sue Y. Nabi.
“This dynamic reinforces our confidence in global beauty consumption outperforming in a variety of macroeconomic scenarios, with Coty well placed to succeed, supported by our positions as a leader in fragrances and cosmetics, and significant untapped potential in skincare, China and travel retail.”
Coty plans to continue to grow its fragrance category and accelerate premiumisation through its portfolio of leading fragrances, such as Burberry Hero and Her, Gucci Flora Gorgeous Jasmine and Gorgeous Gardenia, Boss Bottled Parfum and Chloe Atelier des Fleurs, Nabi said.
Following the renewal of its license with Jil Sander at the beginning of 2023, Coty has also announced the continuation of its license agreement with Davidoff, which now extends their partnership beyond 20 years.
As well as updating the iconic Davidoff Cool Water fragrance, Coty will work toward a premiumised offer and new innovations for the brand.
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The next pillar of growth in Coty’s business? Skincare.
“While we are in the very initial stages of igniting our focus skincare brands, I am encouraged by the positive initial signals we are tracking,” Nabi said.