Global cosmetics company Coty, which owns brands such as Hugo Boss, re-affirmed its full-year guidance and increased its earnings per share outlook on Monday (9 May) on the back of ‘resilient demand’ for its luxury products.
In its third quarter results to the end of March, Coty revealed that sales in its ‘Prestige’ division, which covers cosmetics and fragrances from its high-end brands, rose 21% year-onyear, with particularly strong growth from Gucci Beauty, Chloe, Burberry and Hugo Boss.
Its ‘Consumer Beauty’ sales also increased 8%, with brands such as Rimmel, Max Factor, Sally Hansen and CoverGirl booking gains in market share. Sales growth was fuelled by the continued recovery in many European, Middle East and Asian markets, as well as continued momentum in the US.
Despite having increased prices as a way of “retaining talent and protecting margins, while also maintaining the necessary flexibility in our supply chain”, Coty said it had plenty of room to further build out both distribution and product portfolios.