Coty has avoided the economic crisis sweeping the UK and has experienced a good financial year this year, according to the vice president of Coty Beauty, Ian Williamson.
Speaking at the company’s annual summer cocktail party, Williamson told the assembled press that Coty is confident about the coming years, predicting that it will be a £5bn business by 2010.
He continued: “By the end of this year we will have gone past the £4bn mark which is tremendous and shows that the cosmetics industry is not experiencing the economic doom and gloom of other industries, much to our relief.”
“By the end of 2008, the UK will see the launch of the Beckham’s new Signature fragrances, Kylie’s new scent Sexy Darling and Velvet Hour, the new fragrance from Kate Moss. Coty also has big plans to develop our Sally Hansen and New York Colour brands, which was acquired when we bought Del Laboratories.”
Liz Garrett, managing director of Coty Prestige, then took to the podium to thank journalists for their support over the past year and to talk about future.
“We hope to make Calvin Klein a billion dollar brand by the end of next year, the only other brand which can currently claim this is Chanel, so this is very exciting for us. We are also concentrating heavily on our Marc Jacobs and Chloe brands, where we are investing massively next year.”