Coty Inc. shares COTY, +5.91% rose 1.9% in premarket trade Wednesday, after the beauty and cosmetics company said it’s on track to double its skincare sales to $500 million to $600 million by fiscal 2025. The company offered the guidance ahead of an investor day. “Our strategy is underpinned by world-recognized brands serving key white space opportunities and consumer needs, 75-years of scientific innovation and leadership, superior patents and distinct intellectual property, and a large and growing team of skincare experts across the organization,” Chief Executive Sue Y. Nabi said in a statement. The company has started its strategy in Hainan and mainland China, she said. The strategy will focus on the company’s prestige brands, which include Lancaster, Orveda, philosophy, Kylie Skin and SKKN by Kim. The company is still expecting to achieve adjusted per-share earnings of 32 cents to 33 cents for fiscal 2023. Shares have fallen 26% in the year to date, while the S&P 500 SPX, +0.60% has fallen 19%.
