Coty joined other major beauty multinationals in posting boom results for its fourth quarter.
Q4 sales worldwide skyrocketed 89.6 per cent over the period to US$1.06 billion – up from US$560 million over the same period in 2020.
A robust performance that helped Coty to reach global revenues of US$4.63 billion for the full financial year – a 2 per cent drop from the previous fiscal year.
All geographic regions grew significantly in Q4. Sales in the Americas jumped 64 per cent, led by double-digit growth in the US.
China was the main engine of growth in the Asia/Pacific region, where sales surged 59 per cent in the fourth quarter. While EMEA (Europe, Middle East and Africa) saw overall sales double over the period.
The prestige beauty division also doubled its global sales in Q4, thanks to double and triple digit growth from power fragrance brands such as Gucci, Marc Jacobs, Burberry, Calvin Klein and Chloe.
Good news was also the order of the day for the consumer products division. Covergirl gained market share over three consecutive months for the first time in five years. Coty re-positioned the Rimmel London and Max Factor brands in June and July, which helped the division to growth of 37.9 per cent for the fourth quarter.
Online sales were another sweet spot with e-commerce revenues increasing 19 per cent in Q4 and 34 per cent for the full fiscal year.
As major markets re-bound, Coty has an ambitious launch calendar in the run-up to Christmas.
The positive upswing marked the completion of a transformative year for Coty, as we advance on our journey in strengthening Coty’s position as a global powerhouse, noted CEO Sue Y. Nabi.
“Over the past 12 months, we have built a leadership team of beauty and transformation experts, unveiled and begun executing on our multi-year strategy, completed the divestiture of Wella, and over-delivered on our savings, revenue and profit objectives.”