Coty has reported a double-digit growth in revenue for FY24, in line with management’s expectation and ahead of the overall beauty market.

The company’s total net revenues reached $6.1 billion, up 10 per cent on a reported basis and 11 per cent on a like-for-like (LFL) basis. The increase was at the upper end of Coty’s guidance range and ahead of the global beauty market which grew approximately 9 per cent.

Sue Nabi, Coty’s CEO, attributed the growth to the company’s leadership in fragrances and strengthened performance in the core cosmetics business.

“In eight out of the last 12 quarters, we have delivered LFL growth which is ahead of the leading global beauty companies,” Nabi added.

Net revenues of the prestige segment rose 13 per cent on a reported basis to $3.9 billion, fueled by growth in fragrances, cosmetics and skincare. Sales of the consumer beauty segment increase 6 per cent, with growth in color cosmetics, mass fragrances and mass skin & body care. 

By region, sales in the Americas were up 10 per cent, led by growth in Latin America, Canada and the travel retail channel. 

EMEA’s revenues increased 11 per cent supported by growth in many European and African markets. Asia Pacific grew 9 per cent driven by growth in Asia excluding China.

On the bottom line, the company swung to a loss in the fourth quarter but remained profitable for the full year, with FY24 adjusted net income falling to $323.1 million.

For FY25, Coty targets a sales increase of 6-8 per cent on a LFL basis as the global beauty market is expected to maintain its solid growth.

“We are confident in delivering another year of growth in line with our medium-term targets, steady margin expansion, cash flow improvement and deleveraging progress,” said Nabi.