Coty is investing in Gen Z-friendly product formats and science-backed innovations to stimulate growth amid a cooling market for fragrances. Fragrance continues to be the cornerstone of Coty's business, contributing 75% of its prestige portfolio. Recent results showed a 3% decline in net revenues for the third quarter, prompting a discussion on the company's future, including possible workforce reductions and speculation about a potential sale. The firm faces challenges, such as tough comparative figures from a previous innovation year and increasing competition.
Coty is focusing on Gen Z-friendly formats and science-backed innovations to drive sales as the prestige fragrance market slows. "These aren't just new products; they're signals," says CEO Sue Nabi.
Fragrance is crucial to Coty's business, making up 75% of its prestige portfolio. Recent reports show Coty’s net revenues declined 3% in the third quarter.
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