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The New York-based fragrance and color cosmetics conglomerate, whose total volume now exceeds $4 billion, is aiming to build its skin care business into a $300 million operation in the next three to five years.
In the U.S. prestige skin care market, $300 million in annual sales would land a firm in the top five ranking, according to Karen Grant, global beauty industry analyst at The NPD Group. The top five skin care brands in this market last year were Clinique, Estée Lauder, Lancôme, Shiseido and Clarins.
"Our objective was to become a leader in fragrance and now we're thinking of the next five-year stretch," said Michele Scannavini, president of Coty Prestige. "The total Coty group is very strong in fragrance and making progress in color. Now, the next step is to develop a skin care [pillar]."
To this end, Coty unveiled at the New Museum in Manhattan Tuesday a new skin care brand set to launch on HSN in the fall called Home Skin Lab. Coty developed the 18-item line along with Manhattan-based facial plastic surgeon Norman Pastorek and his wife, Janice, an aesthetician.
Also part of Coty's skin care push is the international expansion of its Lancaster skin care brand and planned growth of its treatment portfolio though acquisition.
The skin care strategy comes at a time when Coty is bolstering its color cosmetics business, evidenced late last year by the acquisition of Del Laboratories. With that purchase, Coty picked up two color cosmetics brands — Sally Hansen and NYC New York Color — which joined Rimmel, the firm's existing cosmetics line.
The simultaneous color and skin care efforts signal a shift at Coty toward becoming a more well-rounded beauty company — with more revenues coming from color and skin care at a time when fragrance market sales are lagging. The firm has said it is targeting sales of $5 billion by 2010.
Scannavini called the Lancaster brand the first part of Coty's skin care "road map" and noted the brand, which emphasizes antiaging and sun care, is "strong" in Europe. "Distribution [of Lancaster] has been expanded to China and in the U.S., through HSN, Bloomingdale's, Lord & Taylor and Nordstrom," he said.