The company has become more focused on high-end perfumes, skin care products and other categories which have been rebounding last year, as demand for makeup products declined as a result. the pandemic epidemic which has forced people to venture less.
Majority owner of the Kylie Cosmetics brand, founded by TV star Kylie Jenner, has also tried to relaunch its CoverGirl, Rimmel and Max Factor brands through new launches, collaborations with models like Niki Taylor and Adwoa Aboah. , and spending more on advertising.
“We plan to outperform the beauty market in FY25 and beyond,” said Sue Nabi, CEO of Coty.
The company forecasts a 68% constant net sales growth for each of the next three fiscal years through 2025.
At the start of the month, Coty forecast for fiscal 2022 an increase in sales on a constant basis of around 10%.
Perfume maker Hugo Boss has said it will sell its remaining 26% stake in professional cosmetics company Wella by fiscal year 2025, after selling the remainder in installments since December in an effort to streamline its deal. capital structure.
Coty raised its forecast for adjusted earnings per share for fiscal 2022 to 20 to 24 cents from 19 to 23 cents previously. Analysts are expecting 24 cents.
The company, which is on track to save $ 600 million in costs by fiscal 2023, also said it has identified $ 75 million in additional savings for fiscal 2024.
–
