The Coty cosmetics group is growing in the luxury segment. Coty today published its results for the third quarter of the fiscal year ended 31 March 2024 with an increase in sales and a decrease in profit.
The Prestige division was the main driver of the group's sales growth, especially in fragrances, cosmetics and skincare. Coty reported nine-month sales of $4,754 million, up 13% from the same period last year.
Beauty products also managed to post a higher profit compared to the same period last year, registering an 8% increase over the previous year.
Coty was able to increase sales in all regions where it operates and managed to increase its market share in three regions in the penultimate quarter of the year. In the case of Latin America and Canada, travel retail offset the 2% negative impact and also managed to offset the losses generated by the sale of the Lacoste licence. During the third quarter, sales in Asia Pacific also increased by 7%.
Sue Nabi, the adviser delegated of Coty explained that it has given a strong increase in the segment of Prestige and Consumer Beauty: "So much in the third quarter as in what it goes of year, have registered a strong growth in the businesses of Prestige and Consumer Beauty in each one of our three regions and in our main categories of scents, cosmetic, taken care of the skin and corporal care backed by a wide range of ours mark leaders. Our results of the third quarter reinforce the record established of Coty to offer results by in front of the market of the beauty and of the expectations".
Sue Nabi, Coty's CEO explained that there has been strong growth in the Prestige and Consumer Beauty segment: ‘In both the third quarter and year-to-date, we have seen strong growth in the Prestige and Consumer Beauty businesses in each of our three regions and in our core categories of fragrances, cosmetics, skincare and body care supported by a broad range of our leading brands. Our third quarter results reinforce Coty's established track record of delivering results ahead of the beauty market and expectations.’