Algerian-born French tycoon Sue Nabi led-Coty posts $6.1 billion revenue in 2024

Feyisayo Ajayi -

Key Points

  • Coty’s FY 2024 revenue increased 10% to $6.12 billion, driven by strong performance in prestige and consumer beauty segments.
  • Prestige beauty segment saw a 14% revenue boost, contributing 63% of total sales, with growth in EMEA, Latin America, and Asia-Pacific.
  • Despite revenue gains, Coty’s net income fell to $76.2 million due to fair value adjustments and reversed equity swap benefits.

Coty, a global beauty industry leader led by Algerian-born French tycoon Sue Youcef Nabi, announced a 10 percent increase in revenue for the fiscal year 2024, reaching $6.1 billion, fueled by robust performance across both its prestige and consumer beauty segments.

According to figures in its recently published report, the beauty giant’s fiscal year 2024 revenue rose by 10 percent, reaching $6.12 billion, with the prestige segment contributing 63 percent of sales and experiencing a 14 percent increase on a like-for-like basis. This was driven by strong demand in regions including EMEA, Latin America, and Asia-Pacific. Meanwhile, Coty’s consumer beauty segment saw gains in mass fragrances and skin & body care products.

Sue Nabi lauds success, emphasizing market attractiveness and brand power

Despite the double-digit percent revenue boost, Coty faced challenges in profitability. The company’s operating income rose modestly by 1 percent to $546.7 million, while net income fell sharply to $76.2 million from $495 million in the previous year. The decline was attributed to unfavorable fair value adjustments and a reversal in equity swap benefits.

Coty’s CEO, Sue Nabi expressed optimism about the future, citing the company’s strong financial performance, innovative product pipeline, and strategic focus. Nabi highlighted the potential for continued growth in the beauty industry and Coty’s ability to capitalize on emerging trends.

2025 strategy emphasizes innovation

Coty Inc., an American multinational beauty company founded in 1904, has grown into a global leader in the fragrance industry with about 77 brands. It holds the second-largest market share in hair color and styling products and ranks third in color cosmetics.

Since Sue Nabi took over in 2019, Coty has undergone a transformation, focusing on expanding its fragrance, color cosmetics, and skin care lines. Nabi, who owns a 3.53 percent stake worth nearly $400 million, has driven consistent growth, outpacing the broader beauty market over the past three years.

Looking ahead to fiscal year 2025, Coty aims to sustain its growth through strong market positioning, innovative products, and operational excellence, with a continued focus on sustainability and consumer-centric strategies.