THE WHAT? Coty has unveiled a focus on skincare, with a strategy to double skincare sales by FY25.
THE DETAILS The beauty giant gave a comprehensive update on its skincare strategy at an in-person Investor Event at Coty’s Monaco skincare R&D and manufacturing facility.
The skincare strategy is one of the company’s six strategic growth pillars, with a focus on prestige brands.
Coty shared its ‘skincare intellectual property, upcoming operational and portfolio milestones, early evidence of success, and Coty’s financial goals through FY25 and beyond.’
According to a press release, “Coty’s scientific update will focus on the Company’s distinct and superior technologies in five key areas: full-light protection, oxygen delivery, retinol vectorization, DNA repair, and bio-fermented blends. Coty’s research in these critical skincare areas goes back several decades, with key patents extending for the next 5-10 years.”
THE WHY? Sue Y. Nabi, Chief Executive Officer of Coty, said: “Coty’s skincare portfolio is one of the most exciting growth areas in our business, with revenues on track to double to $500M-600M by FY25.
“Our strategy is underpinned by world-recognized 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 organization. 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 & 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 $150 billion global skincare market.”
With all the key elements of Coty’s strategy now in place, the company expects to double its skincare revenues from FY22 to FY25, with further acceleration in FY26 and beyond.