Since the founding of Coty, Inc. in Paris in 1904, the company has used the power of fragrance to grow into one of the world’s leading beauty companies. Now primarily based in New York, Coty ranked 14th in regards to revenue of the leading beauty manufacturers worldwide in 2015. As mentioned, Coty Inc. gained prominence in the beauty industry through a strong presence in the fragrance section of the market. Using a strategy of collaboration with other well known brands such as Adidas and Calvin Klein, Coty Inc. has a solidified a place in a market segment which generated over 46 billion dollars in worldwide sales in 2015.
The popularity and reputation of Coty’s brands has lead to impressive total revenue figures for the corporation. However, the net revenue of Coty Inc. worldwide has seen a slight decline in recent years. From nearly 4.65 billion USD in 2013, net revenues fell to around 4.35 billion in 2016. While not catastrophic by any means, the downturn in revenue also resulted in a similar decline in the firm’s annual gross profits.
Given the importance of affluent household consumers to the beauty and cosmetic industry, Coty Inc. has a number of reasons to remain positive. A look at the share of such consumers in the United States who used Cover Girl products shows that nearly one fifth of consumers kept Cover Girl in their homes or handbags. Calvin Klein also has a strong grip on the market meaning the firm’s eggs are far from all in one basket.
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