The New York-based company has reported that sales for the year ending June 30 2008 improved by 23 percent on last year’s figures.
Positive performance from both divisions
Net sales of $4bn included $2.1bn from Coty’s Prestige division, which deals mainly in designer fragrances, and $1.9bn from Coty’s Beauty division.
Success in the prestige division was boosted by the Marc Jacob’s fragrance Daisy, which enjoyed global success according to the company, winning women’s luxury fragrance of the year at this summer’s FiFi Awards.
The Calvin Klein, Vera Wang and Chloe fragrances are also highlighted as positive performers.
Within the beauty division, new launches such as Kate by Kate Moss and David Beckham Intimately Night, helped drive a 33 percent increase on last year’s figures.
The company also said the acquisition of Del Laboratories, which Coty bought last December, strengthened its presence in the color cosmetics and nail care market.
As Coty is privately owned by Germany-based JAB investments, further details of the results have not been disclosed.
Innovation drives Coty’s success
According to company CEO Bernd Beetz, it is innovation and a good understanding of market trends that keeps Coty ahead of the game.
“Coty’s talent in identifying and interpreting the latest consumer trends is the engine of our success,” he said in a statement.
Beetz also underlined the importance of future acquisitions to the company’s growth strategy.
“By investing in and growing our existing brands and alternatively through strategic acquisitions, Coty will continue to achieve and exceed its goals, strengthening the company’s presence as a global beauty leader,” he said.
One of these goals, which was outlined in a statement to Reuter’s news agency following the release of the results, is the company’s aim to break the $5bn mark in net sales by 2010.
This is the second piece of good news for the company in the past week, adding to its success at the HBA awards ceremony held in New York.
The ceremony, which was part of the annual HBA expo, awarded Coty’s Catherine Walsh with the prize for marketing executive of the year.
A CosmeticsDesign.com video interview with Walsh regarding her award will be released in the next few days.