Coty revenue falls as Europe dents makeup demand
It owns a big slice of Kylie Jenner's make-up brand.
And on Monday (May 10) New York-based cosmetics brand Coty said its biggest business, which includes brands such as Burberry perfumes and Gucci foundations, returned to growth in the third quarter.
The company saw its sales plummet last year, as stuck-at-home consumers found little use for makeup.
Coty is now tapping into pent-up demand for luxury products in China and the U.S. to offset the declines.
Sales at the company's Prestige unit, which makes Gucci lipstick and Philosophy skincare, rose 6.5%, the first rise in over a year.
But restrictions in certain parts of Europe including the UK and France hampered demand for some products, including Rimmel lipsticks.
Coty's revenue fell to $1.03 billion in the quarter, from $1.06 billion.
That drop was in line with analyst forecasts.
Net losses narrowed sharply to just $18.5 million, down from over $271 million this time last year.
