Coty’s Underlying Sales Strengthen in 2Q, as Integration of P&G Beauty Brands Continues
No-moat Coty’s top line returned to organic growth in the second quarter (with sales up 3%), driven by strength in its underlying luxury business. While these results bolster our confidence in Coty’s ability to foster innovation and refresh its brands, which should boost volumes, we remain skeptical that Coty will be able to take pricing over the near term, as its integrates the assets acquired from Procter & Gamble, as evidenced by gross margin remaining flat over the year prior, at 61.1%. ...
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