Success of the company’s new brand L.O.V was largely behind the strong performance
Cosnova Beauty beat last fiscal year’s net sales turnover by 14.2% in 2016. The €361.4m figure is the highest to date for the company.
The German manufacturer of colour cosmetics said the success was influenced by the international launch of its new masstige decorative cosmetics brand L.O.V and the strong growth of its core brands essence and Catrice.
The company said that the launch of its essence beauty app was also a hit with consumers. It confirmed it is now working on a digitalisation strategy, including an e-shop for the L.O.V brand.
“Not only is every third cosmetics product sold in Germany by Cosnova Beauty, we also sold almost twice as many products as our competitors in 2016,” states Hilko Prahl, Managing Director of Cosnova Beauty.
The company continued to expand its market share to become the largest cosmetics brand on the German market.
Cosnova has not just had a successful year domestically, but it increased its foreign sales turnover by 16.8%.
Looking ahead, Cosnova aims to achieve double-digit sales growth in 2017, with particularly high hopes for the Italian market, where it recently set up its own subsidiary.
Essence, Catrice and L.O.V are distributed in more than 80 countries via drug stores, department stores and fashion retailers.