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Two years after Sue Nabi<\/strong> took over as CEO, Coty Inc<\/strong>. has raised its annual growth guidance for the third time.<\/p>\n <\/p>\n The American fragrance, cosmetics and skincare specialist<\/strong> now expects “core sales growth for fiscal 2023 of 10-11% on a comparable basis (LFL)” <\/strong>(instead of 9-10% according to its previous outlook), “excluding the impact of the exit from Russia”. While it expects adjusted EBITDA for FY23 of $965 to $970 million<\/strong>, ahead of its previous forecast of $955 to $965 million, despite a negative exchange rate impact of almost $70 million.<\/p>\n <\/p>\n <\/p>\n This revised performance stems from an even better-than-expected fourth quarter<\/strong>, with growth of +12-15%<\/strong> on a like-for-like LFL basis, compared with +10% previously. All this was driven by “the strong momentum of Prestige and the recovery of the Chinese market”.<\/strong><\/p>\n <\/p>\n This should put the company in a strong position for its probable IPO on the Paris Euronext stock exchange<\/strong>. Two months ago, the American group, already listed in New York, announced plans for a second listing…To unveil this new ambition, as well as the launch of ultra-high-end products (Orveda Omnipotent S\u00e9rum and the Infiniment Coty Paris fragrance line)<\/strong>, Coty chose an emblematic location: Grasse, the heart of French scents.<\/p>\n <\/p>\n On July 6, the U.S.-based group kicked things off in Paris with a first-ever presentation in the French capital<\/strong> for the press and, above all, European investors<\/strong>. To win them over, Coty CEO Sue Nabi<\/strong> and CFO Laurent Mercier<\/strong> had plenty to “showcase” their group’s “more than 120 years of heritage, innovation and operations in Europe” and its “attractive prospects”.<\/p>\n <\/p>\n And it was on this occasion that Coty’s executives lifted the veil on its latest results and financial outlook.<\/p>\n <\/p>\n <\/p>\n Overall, Coty today says it is “well positioned to take advantage of continued strong demand<\/strong> growth in most categories and markets”.<\/p>\n <\/p>\n Sue Nabi said she was “incredibly proud to present” Coty’s “differentiated business model”<\/strong>, “composed of innovative Prestige and a rejuvenated, focused and increasingly robust consumer beauty portfolio,<\/strong> a global presence in developed and emerging countries, strategically located R&D centers of excellence, award-winning intellectual property and leading end-to-end capabilities that make Coty the partner of choice for global fashion houses”.<\/p>\n <\/p>\n The stated ambition is to “accelerate”<\/strong> the Group’s position as world leader in fragrances and cosmetics<\/strong>, by exploring “significant untapped potential in areas such as ultra-premium skincare, ultra-premium fragrances, China, Brazil and Travel Retail”.<\/strong><\/p>\n <\/p>\n Ironically, it is an ex-L’Or\u00e9al woman, Sue Nabi, who is giving the American company, the world’s number one in the fragrance market<\/strong>, the means to compete even more fiercely with the world’s number one in beauty<\/strong>. Even if, according to the Journal les Echos, with a current value of 10 billion euros<\/strong>, it is still a long way behind L’Or\u00e9al. The latter was already valued at over 200 billion euros<\/strong> in 2021!<\/p>\n <\/p>\nIPO ?<\/h2>\n
A differentiated business model<\/h2>\n
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Accelerating its leadership position<\/h2>\n