(Boursier.com) — Coty is gaining traction on Wall Street after the group that owns the CoverGirl and Max Factor brands once again raised its annual targets. Ahead of an investor day organized in Paris with a view to a potential dual listing on Euronext Paris, the group has raised its 2023 forecasts for the third time this year and now anticipates adjusted EBITDA of between 965 and 970 million dollars, compared to a previous range of $955 to $965 million, despite a negative exchange rate impact of nearly $70 million, including more than $10 million in the fourth quarter.
Coty also now expects like-for-like revenue growth of 12% to 15% in the quarter ended June 30, versus a previous forecast of 10%. The company cites the “strong momentum” of its Prestige division and the recovery of the Chinese market.
The New York-based firm said in May it was considering a second listing in Paris, “the historic home of beauty,” to reach a new pool of investors and strengthen its presence in the region. As ‘Bloomberg’ recalls, since Sue Nabi took over the company in 2020, the company has focused on refreshing its consumer brands, which include Covergirl, Rimmel and Max Factor, by launching new marketing products and campaigns and, more recently, by raising prices. These efforts contributed to the recovery of sales and profits.
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