Coty has reported a stellar performance in fiscal year 2024 (FY24), achieving double-digit growth and outpacing the global beauty market.

The company reported a 10% increase in total net revenues on a reported basis and 11% on a like-for-like (LFL) basis, surpassing its own guidance range and outperforming the global beauty market, which grew by approximately 9%.

This growth was driven by strong performances across both the Prestige and Consumer Beauty segments, with significant contributions from all regions and core categories. Notably, the Prestige segment saw a 13% increase in net revenues, fuelled by successes like Burberry Goddess, Coty’s biggest fragrance launch to date, which became a global sensation. In the Consumer Beauty segment, net revenues grew by 6%, driven by innovative products like CoverGirl Simply Ageless Skin Perfector Essence and Rimmel Thrill Seeker Extreme mascara, which gained significant market share.

Coty expanded its gross margin to 64.4%, with adjusted operating income growing by 17% to $863.4 million, reflecting strong margin expansion. Looking ahead, Coty is targeting continued growth in FY25, with expectations of 6-8% LFL revenue growth and 9-11% adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) growth, bolstered by a robust innovation pipeline.

Coty’s CEO, Sue Nabi, highlighted the company’s strategic focus on innovation and she also noted that Coty’s ability to lead and create beauty trends has positioned the company as a beauty powerhouse.

“Our FY24 results set a new milestone in Coty’s sustained track record of top-notch execution and market outperformance,” she said. “ In a dynamic macroeconomic backdrop, beauty maintains its privileged position, being neither a consumer goods industry nor a luxury goods industry. Instead, beauty is at the sweet-spot of desire, well-being, self-confidence, affordability, ritual, indulgence, and many new things that we and our consumers will invent. This is what fuels the strong global beauty growth that we continue to see to this day and which we expect to continue for the quarters and years to come.

“At Coty, having transformed our organisation and strategic path several years ago, we are now performing as a beauty leader and more and more as a beauty trendsetter, which we believe is an opening for a new era for Coty as a beauty powerhouse. Importantly, a key element of this outperformance has been our unwavering strong investment into our marketing, regardless of the macroeconomic volatility, because we believe that this is what will create value for our brands for the long term.”

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