Coty has increased its sales outlook for 2024 as consumers splurge on luxury perfumes.
The beauty brand owner saw sales increase across all categories, but singled out its prestige fragrance division for its "strong momentum".
As a result, Coty is now expecting core like-for-like sales of between 8-10% up from the original 6-8% forecasted.
Coty reported that its latest blockbuster perfume launch Burberry Goddess set new sales targets in key markets.
Launched in August and fronted by Sex Education actress Emma Mackey, Burberry Goddess is credited as a pivotal launch for Coty in 2023.
Sue Nabi, CEO of Coty, said: “The success of Burberry Goddess across key markets confirms that Coty is the go-to destination to create top quality winning fragrances and execute unique and disruptive campaigns.
"Having spent the past three years strengthening Coty’s fundamentals and elevating Coty’s organisational capabilities across our categories, we enter the next phase of growth with best-in-class innovation and marketing power.”
