THE WHAT? Coty has announced that it is raising its guidance for H1 and FY 2024. The US beauty giant said that since providing an outlook for the fiscal year ahead on its FY23 earnings call just weeks ago, it has seen strong momentum in beauty demand, particularly in prestige fragrances.
THE DETAILS Coty’s recent launch of Burberry Goddess is setting new market records, Coty said, and it now has three fragrance lines in the US top 10. The company now expects like-for-like sales growth in the first half of FY24 of between 10 and 12 percent, up from the previously forecast 8 to 10 percent.
THE WHY? Sue Nabi, Chief Executive Officer of Coty, explains, “The success of Burberry Goddess across key markets confirms that Coty is the go-to destination to create winning fragrances and execute unique and disruptive campaigns. Having spent the past three years strengthening Coty’s fundamentals and elevating Coty’s organizational capabilities across our categories, we enter the next phase of growth with best-in-class innovation and marketing power.”