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By Dhirendra Tripathi
Investing.com – Coty (NYSE:COTY) rose to a 52-week high as the company reaffirmed its forecast for 2021.
The beauty products maker provided a strategic update and said it is on track to end FY21 with net revenue of approximately $4.5 billion to $4.6 billion. Adjusted EBITDA is targeted at around $750 million, reflecting an improvement of more than 300 basis points from FY19.
It will host a conference call to discuss its third quarter earnings on May 10.
Coty said it intends to strengthen the performance of its consumer beauty business and broaden its consumer base. It aims to reposition several key brands like CoverGirl, Sally Hansen, Rimmel, Max Factor, and adidas to achieve that purpose.
Coty intends to build its skincare portfolio across Mass and Prestige by capitalizing on key trends like regenerative medicine and focusing on environment-friendly products.
A focus on China and direct-to-consumer digital business are also going to be priorities for the company, Coty said in a release.