Coty to focus on niche fragrances
At a time when sales of fragrances in the selective channel are surpassing pre-pandemic levels, and when beauty giants are seeing their sales boosted by fragrances, Coty is strengthening its olfactory offer and will be launching Infiniment Coty Paris in 2024. A collection of scents that, according to the American cosmetics group, "will be to perfume what Orveda (its top-of-the-range skincare brand) is to skincare: a leading pioneer in the industry."
The collection will eventually include 14 fragrances, with patents pending for both the formulation and the packaging - a first for Coty, whose portfolio includes brands such as Gucci, Kylie Cosmetics and Lancaster.
“Infiniment Coty Paris is a creation that marks a natural progression for the company, fusing beauty, science, and art. Today’s announcement is a small teaser of all that is to come in the coming months, when we unveil the full extent of this exciting project to consumers across the globe.” says Sue Y. Nabi, Coty's CEO, who for this launch has formed a partnership with 1-54 Contemporary African Art Fair, the first art fair dedicated to contemporary African art.
In the third quarter of its 2022/23 financial year ended March 31, Coty reported sales of $1.29 billion (€1.18 billion), up 9%. Its Prestige division, which includes beauty licences for Gucci, Burberry and Chloé, saw its sales jump by 10%. It now accounts for 62% of the group's total sales.
"Demand for prestige fragrances has strengthened over the quarter, with consumers increasingly investing in this category, wearing fragrances more often and choosing longer-lasting, more premium products", said Sue Y. Nabi at the time at the results presentation.
At the beginning of May, the group, which is listed in New York, announced that it was considering a second listing on the Paris Bourse to strengthen its presence in Europe and attract new investors.
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