Coty has reported strong results for Q3 2023, boosted by its prestige and consumer beauty sales, as it explores a potential Paris stock market listing.
The owner of Rimmel and CoverGirl saw consolidated net revenue of almost US$1.3bn, an increase of 9% year-on-year.
Coty’s prestige division saw a 10% surge in sales on the previous year to almost $800m – making up 62% of total sales – benefiting from new fragrance launches as well as changes in consumer behaviour, according to the conglomerate.
New launches included Burberry Hero and Her, Gucci Flora Gorgeous Jasmine and Gorgeous Gardenia, Boss Bottled Parfum and Chloe Atelier des Fleurs.
Sales also benefited from Coty’s investment into its skin care strategy, including its recent dermatological reboot of its Philosophy brand as well as launching its ultra-premium Lancaster Ligne Princière skin care line into China and travel retail.
Meanwhile, Coty’s Consumer Beauty division saw solid growth of 6%, reporting double digit growth from many of its brands including CoverGirl, Max Factor, Rimmel and Monange.
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Earlier this week, Coty also revealed that it is exploring a listing on the Paris Stock Exchange – in addition to its current listing on the New York Stock Exchange in the US, where the company is headquartered – in a bid to attract more investors in the European market and strengthen its presence in the region.
"We are once again proud to report strong operational and financial performance, with today’s Q3 results marking the eleventh consecutive quarter of results in-line to ahead of expectations,” said Sue Nabi, Coty's CEO.
“We are delivering on our balanced growth agenda, with strong LFL growth across both divisions and all regions, with growth contribution from volume, price and mix, and from our key categories including fragrances, cosmetics, and body care.
“In a complex global environment, beauty remains an advantaged category with consumers, at the sweet spot of affordable luxury, self care and confidence boosting.
“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 skin care, China and travel retail.
“I am excited by the many initiatives planned for the coming quarters and years, as we continue on our journey to transform Coty into a true beauty powerhouse."