Beauty owner Coty has reported a double digit sales jump in Q3 2024, driven by strong performances in its prestige fragrance and cosmetics divisions.
Total revenues jumped 10% on a like-for-like basis to US$1.4bn, with growth reported across both the company’s prestige and consumer beauty divisions across all regions.
Coty’s Prestige division was the star performer, accounting for 63% ($867m) of sales with sales up 13%.
Prestige fragrances in particular were highlighted with a reported 12% uptick, fuelled by new launches including Kylie Jenner’s debut fragrance Cosmic and Marc Jacobs’ Daisy Wild.
Burberry’s Goddess fragrance, which Coty described as its biggest fragrance launch ever in 2023, was also said to contribute more than half of the brand’s total revenue in Q3.
Coty’s prestige cosmetics division saw reported net revenue shoot up by more than 25%, driven by Kylie Cosmetics, Burberry and Gucci.
Consumer beauty, meanwhile, saw sales increase by 6%, reportedly bolstered by viral launches from CoverGirl and Rimmel London.
Geographically, the company also reported “robust” revenue growth of more than 20% in high growth markets including Brazil, Latin America, Southeast Asia, India and Africa.
"Our Q3 results reinforce Coty's established track record of delivering results ahead of the beauty market and ahead of expectations, and once again illustrate that we are executing on our imperative to drive balanced portfolio growth,” said Sue Nabi, Coty's CEO.
“We continue to see a strong and dynamic beauty market, with our diversified portfolio and strong execution enabling Coty to once again outperform the underlying market.
“As we continue to reinforce our position as a beauty powerhouse, in our 120th anniversary year, we remain excited by the many opportunities ahead.”
Coty has also secured a licensing deal with fashion brand LeGer, founded by German TV personality and model Lena Gercke, to develop its debut fragrance.
Details of the fragrance have not been revealed, but it is expected to launch this summer.
Coty will develop, produce and distribute the LeGer fragrance, which is the brand’s first entry into the beauty market.
Germany’s Next Top Model winner Gercke founded the fashion label in 2017, and it has since expanded into furniture and home accessories.
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