A cosmetic maker owning more than 75 beauty brands, Coty stock increased by more than 14% as it cashes in on the post-pandemic changing behaviours.
The pandemic has changed our lifestyles in more ways than we could imagine; nonetheless, some trends are recovering. It seems that fragrance sales are leading the way and quickly bouncing back, affecting Coty – a perfume maker – more than its peers.
Let’s see why Coty has outperformed its competitors in two consecutive days and why it’s likely to keep its momentum well into 2022.
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What Is Coty?
Coty (NYSE: COTY) is a global beauty business producing different fragrances, cosmetics, skin, and hair products. It owns more than 70 brands, including Bourjois, David Beckham, Dolce & Gabbana, Hugo Boss, Balenciaga, and Calvin Klein.
Should I Buy Coty Today?
As people return to their social events and the economy slowly recovers, cosmetic and fragrance sales are soaring. Coty rides the wave with a share price increase of 14.7% today and more than 22% this week.
School starts and people return to their offices, so fragrances and makeup regain popularity after they were swapped for skincare products during the pandemic year. This is a huge benefit for perfume makers, such as Coty.
The company didn’t fail to see the opportunity. It cashed in quickly by rolling out a few new perfumes – including Calvin Klein Defy and Burberry Hero. Coty also plans to launch touchless testers around the world, taking advantage of the post-pandemic recovery in the US and China.
Coty Price Prediction 2021
Currently trading just under $10, Coty is estimated to increase by nearly 60% in the next 12 months, reaching $15. The share price low estimate is $6, and the median is $10.