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Coty bets on beauty industry rebound, forecasts revenue growth till 2025 -Breaking


© Reuters. FILE PHOTO: CoverGirl makeups by Coty Brands were displayed in Encinitas (California), U.S.A, on November 8, 2017. REUTERS/Mike Blake/File Photograph

(Reuters) – Coty Inc (NYSE:) Inc Thursday predicted a moderate revenue growth over the next 3 years as it reaps from positive U.S./China beauty markets, and a recovery in sales of airport duty-free outlets.

It has been increasing its focus on premium fragrances and skincare products. This was despite the fact that demand for cosmetic products dropped last year due to the pandemic that left many people unable to travel as far.

Kylie Jenner was the founder of Kylie Cosmetics. He has tried to revitalize Max Factor and Rimmel brands CoverGirl and Max Factor through new launches, partnerships with models like Niki Taylor, Adwoa Abooh and more advertising.

Sue Nabi, chief executive officer at Coty, stated that she expects to surpass the beauty market in FY25 and beyond.

For the three years to 2025, like-for-like net revenues are expected to grow by 6% to8%.

Coty predicted that fiscal 2022 sales would increase by a low to mid teens percent.

Hugo Boss perfume maker announced it would sell its remaining 26% stake at Wella professional beauty business by fiscal 2025. The company had previously offloaded the rest of its capital structure in several installments starting in December.

Coty has increased its forecast for fiscal 2022 adjusted pershare earnings to between 20c and 24-cents, from 19cs to 23cs earlier. Analysts expect 24 cents.

Company is poised to cut costs by $600m in fiscal 2023. The company also announced that it has identified additional savings of $75M for fiscal 2024.

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