Covergirl makeup, owned by Coty Inc., is seen for sale in Manhattan, New York City, U.S., February 7, 2022.
REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 20 (Reuters) - Coty (COTY.N) on Wednesday raised its annual core sales forecast on the back of higher pricing and strong demand as customers splurge on its high-end and affordable cosmetics and fragrances.
The company said since it reported earnings in August it has seen a strong momentum in beauty demand, particularly in prestige fragrances - its high-end segment that houses cosmetics and fragrances from the Hugo Boss, Gucci and Burberry brands.
Coty now expects fiscal 2024 core like-for-like (LFL) sales growth between 8% and 10%, up from its earlier outlook of LFL growth being at the top end of its target range of 6% to 8%.
Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.
Persons:
Andrew Kelly, Hugo Boss, Gucci, Ananya Mariam Rajesh, Shailesh
Organizations:
Coty Inc, REUTERS, Coty, Burberry, Wall, Thomson
Locations:
Manhattan , New York City, U.S, Bengaluru