Coty Targeting ‘Thousands’ Of Social Media Influencers In Appeal To Gen Z
New York-based Coty Inc. plans to partner with social media influencers, including creating content with ‘up and coming’ TikTok influencers in ‘top notch’ creative studios in 15 countries, in an effort to attract Gen Z to its Consumer Beauty business.
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Coty Inc. sees opportunities to grow its business in the $24bn prestige female fragrance market and strengthen its play in the ‘ultra-premium’ segment. The firm’s prestige fragrance sales rose 20% like-for-like in the fiscal 2023 fourth quarter ended 30 June, fueling overall net sales growth of 10% for the period.
The beauty giant says it is selling its Professional Beauty and retail hair-care businesses to global investment firm KKR and targeting $700m in cost reductions over the next two and a half years. Coty already was in transformation mode prior to COVID-19, which drove a 23% decline in its third-quarter net sales, and it does not expect revenue levels to normalize anytime soon.
Dr. Squatch was able to substantiate that it uses “no harmful ingredients” as well as certain claims about avoiding a “Sh*t list” of ingredients, but agreed to modify other claims the National Advertising Division deemed falsely disparage competitor products, such as Unilever’s Dove personal-care brand.