Coty unveils strategy to double skincare sales by FY25
During an investor event in Monaco, Coty said it hopes to achieve skincare sales of £443-530 million ($500-600 million) by FY25.
Within its strategy, the beauty group highlights its scientific plans and said it will focus its technologies on five key areas of full-light protection, oxygen delivery, retinol vectorisation, DNA repair and bio-fermented blends.
Commercially, Coty will also work to boost its portfolio of prestige skincare brands including Lancaster, Orveda, philosophy, Kylie Skin and SKKN by Kim.
With Coty’s strategy now in place, the group expects to double its skincare revenues from FY22 to FY25, with further acceleration in FY26 and beyond. In the near term, Coty said it is seeing stronger beauty demand, leading the group to raise its Q1 2023 like-for-like sales growth outlook to 8-9%, from previous 6-8%.
Sue Y. Nabi, CEO of Coty, said: “Our skincare portfolio is one of the most exciting growth areas in our business. Our strategy is underpinned by world-recognised brands serving key white space opportunities and consumer needs, 75-years of scientific innovation and leadership, superior patents and distinct intellectual property, and a large and growing team of skincare experts across the organisation.
"We have begun our skincare revolution in Hainan and mainland China, where we are already seeing proof that our brands, formulations and communication can win over consumers. At the same time, our research and development efforts are focused on the fastest growing consumer needs and health trends. All of this gives us confidence that we can capture significant opportunities in the global skincare market.”