83 032
Fashion Jobs
ADIDAS
Project Manager - Global Team Sports
Permanent · PORTLAND
QVC
Security Shift Leader
Permanent · SUFFOLK
QVC
on Camera Talent Recruitment & Casting Partner
Permanent · WEST CHESTER
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - Norwalk
Permanent · NORWALK
BELK
Store Fulfillment Associate - Full Time
Permanent · FRANKLIN
BELK
Asset Protection Lead - Full Time
Permanent · AUBURN
BELK
Store Fulfillment Associate - Full Time
Permanent · SAVANNAH
BELK
Store Fulfillment Associate - Part Time - Independence Mall
Permanent · WILMINGTON
BELK
Asset Protection Associate - Full Time
Permanent · ROCKY MOUNT
BELK
Store Fulfillment Associate - Part Time - Coastal Grand
Permanent · MYRTLE BEACH
BELK
Store Fulfillment Associate - Full Time - Bridgestreet
Permanent · HUNTSVILLE
BELK
Store Fulfillment Associate - Full Time
Permanent · TUPELO
BELK
Store Fulfillment Associate - Part Time
Permanent · SAVANNAH
BELK
Asset Protection Manager - Triangle
Permanent · RALEIGH
ALO YOGA
Construction Project Manager
Permanent · LOS ANGELES
SUN VALLEY
Sun Valley Marketing Manager
Permanent · SUN VALLEY
LULULEMON
Community Specialist | (Contract) Market Street The Woodlands
Permanent · THE WOODLANDS
LULULEMON
Community Specialist | Orlando Premium Outlet
Permanent · ORLANDO
LULULEMON
Full-Time Community Specialist | Cumberland Mall
Permanent · ATLANTA
FOSSIL
Dam/Dynamic Media Administrator
Permanent ·
KOHLS
Operations Supervisor - Weekend Days
Permanent · PLAINFIELD
KOHLS
Technical Project Manager
Permanent · MENOMONEE FALLS
By
Reuters
Published
May 11, 2021
Reading time
2 minutes
Download
Download the article
Print
Text size

Coty's prestige brands return to growth as restrictions ease

By
Reuters
Published
May 11, 2021

Coty Inc’s biggest business that includes brands such as Burberry perfumes and Gucci foundations returned to growth in the third quarter after a tumultuous 2020, while the cosmetics maker’s net loss narrowed sharply.


Sales at the company’s Prestige unit that makes Gucci lipstick and Philosophy skincare rose 6.5% to $600.6 million, the first rise in over a year - Gucci


The company saw its sales plummet last year, as stuck-at-home consumers found little use for makeup. Coty is now tapping into pent-up demand for luxury beauty products in China and the United States to offset the declines.

Sales at the company’s Prestige unit that makes Gucci lipstick and Philosophy skincare rose 6.5% to $600.6 million, the first rise in over a year.

Still, restrictions in certain parts of Europe, including UK and France, imposed to curb surging virus cases hampered demand for the company’s products in the third quarter. Sales for the region fell 7.8%, while the Asia Pacific region, which includes China, rose nearly 28%.

“We are starting to see some improvement in the UK ... seeing lockdowns being lifted will hopefully help us build in the fourth quarter,” Chief Executive Officer Sue Nabi told Reuters.

Coty is also hoping to mirror its success in China in the United States, as the country begins to reopen helped by speedy vaccine distributions.

“In the U.S., part of the business is still a little bit under pressure due to the mass business, but Prestige is growing,” Nabi added.

The New York-based company’s shares, which have gained nearly 50% so far this year, were down about 5% at $9.84 in premarket trade.

Coty’s net revenue fell about 3% to $1.03 billion, in line with expectations, while the company broke even on profit.

Net loss attributable to common stockholders was $18.5 million in the quarter ended March 31, compared with a loss of $271.6 million a year earlier.

© Thomson Reuters 2024 All rights reserved.