Coty has increased its guidance for the full year after seeing “strong momentum” in demand across key markets and categories, particularly in prestige fragrances.
The beauty and cosmetics giant now expects FY24 core like-for-like sales growth of between 8 percent and 10 percent, up from its previous guidance of being at the top end of its medium-term target range of 6 percent to 8 percent.
It has also upped its outlook for the second half of the year, now expecting core like-for-like sales growth in H1 to be between 10 percent and 12 percent, up from its previous outlook of between 8 percent and 10 percent.
“The success of Burberry Goddess across key markets confirms that Coty is the go-to destination to create top quality winning fragrances and execute unique and disruptive campaigns,” said Coty CEO Sue Nabi in a statement.
“Having spent the past three years strengthening Coty’s fundamentals and elevating Coty’s organizational capabilities across our categories, we enter the next phase of growth with best-in-class innovation and marketing power.”