Coty’s Prestige Business boom drives FY24 outlook

© Eoneren / Getty Images
© Eoneren / Getty Images

Related tags Coty Fragrance Perfume China Burberry Burberry fragrances

With 10-12% increases in core like-for-like sales growth for the first half of FY24, beauty giant Coty is celebrating the success of its prestige fragrances in key markets and is raising its outlook for the full financial year.

The company, which is listed on the New York Stock Exchange, has seen strong momentum in beauty demand across its key markets and categories since it first released its outlook a month ago. Demand has been particularly high for prestige fragrances, said the company.

Coty is also celebrating the initial success of its Burberry Goddess fragrance, which launched with disruptive in-store activations, and is reportedly setting new market records: Coty says the fragrance was the winning launch in the U.S. in August, with “market sales several times higher than recent competitive blockbuster launches”.

Two other Coty fragrance innovations were also among the top five of the Fall, said the company.

Spurred by these successes, the company is expecting core LFL sales growth in first half FY24 of 10-12%, an increase from its earlier outlook of +8-10%.

“The success of Burberry Goddess across key markets confirms that Coty is the go-to destination to create top quality winning fragrances and execute unique and disruptive campaigns,” said Sue Nabi, Chief Executive Officer of Coty.

“Having spent the past three years strengthening Coty’s fundamentals and elevating Coty’s organizational capabilities across our categories, we enter the next phase of growth with best-in-class innovation and marketing power.”

China opportunities

As reported recently by CosmeticsDesign-Asia​, the company is targeting further growth for Burberry Beauty in China after recent successes in makeup and fragrance, alongside the impending launch of its first refillable perfume bottle.

During the company’s fourth-quarter earnings conference, CEO Sue Y. Nabi highlighted that Burberry Hero has climbed the ranks to become the number three male fragrance in China.

According to the firm it is behind blockbuster fragrances Bleu de Chanel and Dior Sauvage.                                                                                                                                       

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