Coty has revealed ambitious plans to double its skin care sales by the 2025 financial year.
The brand owner said efforts to accelerate its skin care offer, including brand launches and a focus on scientific expertise, meant its skin care revenues were on track to double to US$500m-$600m by FY2025.
During an investor event, held 21 September in Monaco, Coty explained it would focus its technologies in five key areas: full-light protection, oxygen delivery, retinol vectorisation, DNA repair and bio-fermented blends.
The company added that it has key patents in these arenas, extending for the next five to ten years.
Commercially, Coty intends to further nurture its portfolio of prestige skin care brands, which comprises Lancaster, Orveda, philosophy, Kylie Skin and SKKN by Kim.
Coty’s CEO, Sue Y Nabi, commented: “Our strategy is underpinned by world-recognised brands serving key white space opportunities and consumer needs, 75 years of scientific innovation and leadership, superior patents and distinct intellectual property, and a large and growing team of skin care experts across the organisation.
“We have begun our skin care revolution in Hainan and mainland China, where we are already seeing proof that our brands, formulations and communication can win over consumers.
“At the same time, our research and development efforts are focused on the fastest growing consumer needs and health trends. All of this gives us confidence that we can capture significant opportunities in the $150bn global skin care market.”
“The combination of Coty’s deep skin care heritage and continuing development of innovative IP anchored in the fastest growing consumer health trends, has crafted a unique position for Coty in the beauty market,” added Dr Shimei Fan, Chief Scientific Officer, Coty.
“Through groundbreaking scientific advances, Coty is helping protect consumers from skin disorders, afflictions resulting from pollution and our changing climate and ageing.”
Meanwhile, Constantin Sklavenitis, Coty’s Chief Prestige Brands Officer, said: “Our five prestige skin care brands each offer their own sense of purpose, technology, and cater to a specific market segment that shows great potential.
“The transformation of our skin care portfolio has already begun with Lancaster, which in the past year has become one of the fastest growing brands in Hainan amongst key retailers.
“This is critical confirmation that Coty has the technology, brands, strategic clarity and commercial capabilities to win in skin care in the coming years.”