Beauty giant Coty has reported solid sales for the second financial quarter of 2022, fuelled by strong performances from its prestige and consumer beauty brands including Kylie Cosmetics, Gucci and CoverGirl.
Overall sales were up 12%, in line with expectations, thanks to healthy sales for key launches including Gucci’s Flora Gorgeous Gardenia and Burberry Hero perfumes, as well as Kylie Cosmetics’ much anticipated relaunch boasting ‘clean’ and vegan formulas.
Prestige fragrance was a star performer for the conglomerate, with double-digit growth led by Coty’s luxury Gucci, Burberry, Chloe and Hugo Boss brands.
Almost doubling sales over the first half of 2022 was prestige cosmetics, with strong performances from Gucci make-up and Kylie Cosmetics, among others.
Meanwhile, Coty’s Consumer Beauty Business increased its market share for the first time in five years, with revenues up 11% as the conglomerate’s investment in its key colour cosmetics brands – CoverGirl, Rimmel, Sally Hansen and Max Factor – paid off.
More on Coty:
“I am very pleased to say that the year is shaping up as we had hoped, and in many respects even better,” said Sue Y Nabi, Coty’s CEO, commenting on the results.
“Q2 marked another quarter of progress across each of our six strategic pillars. I am extremely proud to say that the repositioning of Consumer Beauty brands is generating success.”
“For the first time in five years, all four of our top cosmetics brands - CoverGirl, Rimmel, Sally Hansen, and Max Factor - are gaining market share on a global basis, fueling market share gains for the overall Consumer Beauty business.”
Skin care was a particularly dynamic sector in Q2, with CoverGirl releasing its first-ever skin care line and Nabi’s Orveda brand joining Coty’s portfolio.
Nabi added: “While the path to sustained Consumer Beauty expansion may not be linear, these strong results confirm that our Consumer Beauty brands are as relevant as ever and with the right products, communication strategy, in-store execution and teams, we can truly excel.
“Our short term and medium-term ambitions remain fully on track, as we continue to transform Coty into a true global beauty powerhouse."