Estée Lauder had some big executive announcements this week spanning its domestic US market and Asia/Pacific. But perhaps the most interesting part of the news was the fact that it’s “elevating” its Chinese market.
Coty Inc on Thursday forecast revenue growth for the next several years, after a long streak of declines, as it benefits from improving U.S. and China beauty markets and a sales rebound in airport duty-free stores.
Prestige beauty was battered badly by the pandemic but the segment is on the comeback trail as shoppers return to physical stores and the renewal of social life/office working means more demand for key categories.
The Denton, Texas-based professional hair and beauty supply company announced net sales of $3.87 billion in its fiscal year 2021, which ended September 30, an increase of 10.3% from $3.51 billion in the previous year.
The Vaughan, Ontario-based personal care group reported a net loss of $103.1 million, or $2.81 per share, in the third quarter ended September 30, 2021, as goodwill impairment compounded the effect of stumbling sales.
Coty forecast annual earnings largely above estimates on Monday, as the cosmetics maker benefits from cost cuts to ward off inflation impacts and a revival in demand for its products at airport duty-free stores.