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Coty Plans on Growth
Posted: December 1, 2006
Coty is planning on doubling its size in the next five years. In an Oct. 6, 2006, press meeting, the company's CEO Bernd Beetz announced plans to become a US$5 billion company and a top five player in the global beauty market.
The company has nearly doubled its size since 2001 and has moved from thirteenth to eighth place in global beauty ranking. It also ranked third in prestige scents in the United States and second in cosmetics in Europe. Coty's net revenues have risen 38% in fiscal 2006 to US$2.9 billion.
To further increase its growth, the company reportedly is looking to expand in Asia. The continent currently accounts for 4% of the company's worldwide sales. According to reports, 15% is the amount of worldwide sales projected from Asia by 2010. On particular Asian partnership underway is the company's partnership with Kose Corp. to develop Rimmel in Japan.
According to the company's CEO, the Calvin Klein fragrances will greatly help the company reach its sales target. The brand currently generates nearly US$610 million. The company has reported plans to expand the Euphoria scent in January. In addition, the Kenneth Cole brand has launched R.S.V.P., a fragrance devoted to raising funds for the homeless.
-According to The Rose Sheet