Coty is better known for its lucrative fragrance licenses, including Gucci, Burberry, Calvin Klein and Hugo Boss, and iconic makeup brands such as Bourjois, Max Factor, Covergirl and Rimmel London.
The multinational also has major footprints in haircare – Wella and Clairol – and nails – OPI and Sally Hansen.
In October 2020, Coty made global headlines when the company bought 51 per cent of Kylie Jenner‘s cosmetics and skincare brand for US$600 million. A year later, the multinational on-boarded Orveda, the unisex premium skincare brand founded by Sue Nabi, its current CEO.
In 2010, Coty acquired the Philosophy skincare brand, which joined Lancaster, the German beauty major, folded into its stable in 1996.
With these strong pillars, Coty plans to double its global skincare sales to between US$500 million and US$600 million by 2025.
Pointing out that the global skincare market is worth US$150 billion, Nabi thinks that Coty’s goal is within reach.
“On one hand, doubling sales in three year’s time is ambitious and by no means an easy feat as we build out our global infrastructures, reinforce our pipeline of innovations and transform our leading brands,” she says.
“On the other hand, US$500 million to US$600 million in total sales is only a fraction of the annual turnover of some of the leading global skincare brands, showing that we want to be ambitious but also credible in the targets we set.”
Going forward, Lancaster will spearhead efforts in Asia and China, where it is already enjoying double-digit growth. Kylie Skin is performing well in English-speaking markets and recently launched in South America.
In June, Coty debuted its SKKN range from Kim Kardashian. In late 2020, the company acquired 20 per cent of KKW Beauty in a US$200 million deal.
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