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Coty focuses on skincare to conquer China

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Coty focuses on skincare to conquer China

«The Italian market is a key market for Coty, especially for the prestige segment, one of the pillars of our development strategy. In fragrances, we grew by 27% mainly thanks to brands such as Gucci, Burberry and Chloé “: Shimei Fan, Coty’s chief scientific officer, tells how the American cosmetics group is moving after the pandemic and its new development strategies including a focus on skincare. Coty closed fiscal year 2021-22 with revenues of $ 5.3 billion, up 15% from the previous year and with a net profit of $ 55.5 million.

«Skincare has been part of Coty’s DNA for over a century and represents a great opportunity for growth – continues Shimei Fan -. The market is destined to increase driven by growing consumer demand and we expect it will have an important impact on the company’s business, especially in China and the United States ».

Research and innovation. Shimei Fan, Coty’s chief scientific officer

Coty entered this segment in 1920, but the link with the sector must be sought much further, in the 1800s, when the longest-standing brands in its portfolio, Rimmel and Bourjois, began to include in their offer of perfumes and cosmetics even face creams. “We have brands that cover all trends, price ranges and geographies, both in the prestige and consumer divisions. The development of the skincare axis will push our strengthening in China and, more generally, in Asia, markets where facial treatments and travel retail play a fundamental role ».

Under the banner of environmental sustainability, a principle that the company is pursuing in all sectors of activity, skincare will actually start next year, with the global launch of Orveda, an ultra-premium, vegan and genderless brand linked to scientific research. on the microbiome. Philosophy will also be relaunched, with the introduction, by 2024, of renewed and reformulated lines to be clean, vegan and cruelty free.

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