Coty Accelerates Its Footprint in Thailand's Booming Beauty Market

Tuesday 28 November 2023 11:11
Coty Inc. (NYSE: COTY) ("Coty" or the "Company"), one of the world's largest beauty companies with a portfolio of iconic brands across fragrance, color cosmetics, and skin and body care, has unveiled ambitious plans to accelerate its footprint in Thailand, including opening new office premises, bolstering key functions and teams, and appointing industry leader Naruethee Asasappakij (Best) as Country Head. The announcement further underscores Coty's long-term commitment to Thailand and aspirations to accelerate its Prestige and Consumer Beauty business segments in the market, including plans to double its revenue in the country over the next four years.
Coty Accelerates Its Footprint in Thailand's Booming Beauty Market

Naruethee Asasappakij (Best) joins Coty's Southeast Asia leadership team with over a decade of experience in marketing and general management. Known for his ability to deliver impressive bottom-line results in competitive trading environments, Naruethee will oversee Coty's retail and business development strategy in Thailand as he continues to drive the growth of the Company's Prestige and Consumer Beauty segments in the market. Under his leadership, the team in Thailand will also be bolstered by new members across key roles in marketing, public relations, commercial, and merchandising.

Kristina Strunz, Managing Director, Coty Southeast Asia and India commented: "The beauty market in Thailand is a force to be reckoned with, with local consumers setting make-up and skincare trends across Southeast Asia and India. We are incredibly excited to welcome Naruethee as we gear up for the next phase of growth in this highly dynamic market. This latest investment in our people, workplace, and brands will further strengthen Coty's leadership position, particularly in Prestige and Consumer Beauty, and lay the groundwork for the development of our next-generation skincare and innovative color cosmetics products."

Naruethee Asasappakij, Country Head, Thailand at Coty, added: "I am excited to rejoin the world of beauty to lead the Coty business in Thailand to new heights. With Thai beauty taking off, we have an opportunity to accelerate the development of Coty's Prestige and Consumer Beauty brands across the country. I look forward to collaborating with the team to strengthen our partnerships with key stakeholders and inspire a new generation of beauty shoppers with the fearless spirit of Coty brands."

Additionally, on October 16, Coty opened a new office in the Bhiraj Tower at the EmQuartier shopping mall in Bangkok. An architectural landmark, EmQuartier is home to a wide selection of luxury brands and incorporates green space and water to create a back-to-nature feel amid the urban metropolis of Bangkok. The office design takes inspiration from Thai fabrics, patterns and textures, whilst incorporating colors synonymous with Thailand's most spectacular bird, the Green Peafowl.

Valued at US$750M[1], Thailand's fragrance and cosmetics sectors continue to flourish and are setting an aspirational new beauty standard among younger Millennial and Gen Z shoppers across Southeast Asia and India. Since 2020, Coty Thailand has nurtured leading Prestige brands from Gucci Beauty, Burberry Beauty, Chloe, Marc Jacobs to Calvin Klein fragrances; and consumer brands such as Adidas, David Beckham, and Nautica.

In the financial year 2023, Coty Thailand grew by over 30% and this dynamism is set to continue in the year ahead, supported by a pipeline of new fragrance releases and blockbuster campaigns. Coty's Prestige brands are set to take shopper experience to the next level with Gucci Beauty appointing its first Thai brand ambassador, Davika Hoorne, as well as launching Gucci Flora Gorgeous Magnolia; Burberry Beauty unveiling new niche fragrance, Burberry Goddess; the opening of new retail projects for Chloe and Burberry Beauty; an exclusive retailer launch for Calvin Klein; and the continued roll-out of philosophy skincare, which has a continued strong momentum. In the Consumer Beauty division, Coty is set to inspire beauty fans with new ranges from Adidas to Vera Wang, and fresh fragrance releases from David Beckham.

Source: Vero Public Relations