cosnova's Rapid Rise: Sales Doubled in Three Years as Company Enters Its Third Decade

With 2023 net sales of 817 million euros (890 million USD) (cosnova Group), the family-owned company remains an accelerator of growth in the color cosmetics market, aspiring to join the top 5 global industry leaders.

NEW YORK, Jan. 11, 2024 /PRNewswire/ -- In a remarkable feat, cosnova announces a 32% overall growth compared to 2022 and a sales surge of over 30% for the second consecutive year. With net sales of 817 million euros (890 million USD), cosnova Group has far exceeded its own targets for the recently concluded financial year. As the company enters its third decade, it does so with additional ambitious plans. The beauty industry trailblazer has paved the way for this in recent years with extensive strategic investments since the beginning and during the COVID-19 pandemic. For cosnova, the billion-euro sales threshold is now well within reach.

Amidst a climate of economic caution and consumer hesitancy in times of uncertainty, the magnetic appeal of cosnova's esteemed brands, essence Makeup and Catrice Cosmetics, has surged to unparalleled levels. Mascaras, lipsticks, and an array of other makeup products are experiencing unprecedented demand. This heightened popularity is not only a response to the evolving preferences of post-COVID consumers, marked by an increased desire for color cosmetics, but is also a testament to cosnova's enduring dedication. Anchored by the mission to "Make everyone feel more beautiful" and reinforced by a steadfast commitment to providing innovative products of the highest cosmetic caliber at accessible price points, cosnova continues to flourish with these principles as the foundation of its ongoing success.

cosnova has experienced exceptional growth, accompanied by a notable surge in demand in recent years, leading to temporary supply chain bottlenecks in 2023. Throughout the year, the company effectively addressed these challenges through strategic initiatives including continuously investing in the capacities of its suppliers. In a proactive measure to strengthen the resilience of its supply chain, cosnova has outlined plans for a substantial expansion of its warehouse in the forthcoming years.

Growth across all regions
Building upon this foundation, cosnova has not only increased its market share across all global regions, spanning both brick-and-mortar stores and e-commerce platforms, but has also broadened its retail presence and strengthened distribution channels in nearly 90 operating countries. The success of the preceding twelve months can be directly attributed to the escalating regionalization of essence and Catrice product offerings.

In the U.S., cosnova was able to significantly expand its market position. In this market, cosnova achieved a remarkable organic growth of 29%. The company is also on a path to success in the rest of North America, where it achieved organic growth rates of 23%.

In the U.S., both offline and online retail were key growth drivers. essence Makeup expanded its partnership with Ulta Beauty and successfully entered more than 300 Target stores. Amazon remained the most important e-commerce channel with cosnova's business growing by 6% in 2023 and essence Makeup's Lash Princess False Lash Mascara consistently holding the #1 position in the beauty and wellness category. Emerging markets also play a prominent role in cosnova's overarching global strategy with Latin America, the Middle East, and Africa identified as regions of focus.

Consistency on track for sustainability
cosnova has been dedicated to sustainability since its inception, and over the past year, has taken significant measures to further reduce its ecological footprint. A pivotal milestone in sustainability was the complete elimination of microplastic particles from the essence and Catrice brands since March 2023.

Additionally, all essence and Catrice products are 100% vegan*. cosnova will continue to consistently pursue its sustainability course in the future and invest in further measures to protect the environment and nature.

A focus on digital content with a high entertainment and experience factor
With approximately 18 million followers across all social platforms, essence and Catrice boast an expansive and continually growing community. To uphold its commitment to delivering target group-oriented content and responding promptly to diverse trends and demands across channels, cosnova launched its very own content studio in 2023, generating approximately 12,000 content pieces annually.

To continue its expansion in digital marketing activities in the past financial year, cosnova adhered to their strict, "product and content first" strategy. A key element of this approach involves integrating a strong entertainment character, strategically designed to not only retain the loyalty of existing consumers but also captivate new target audiences. This commitment comes to life through innovative endeavours like the essence Roblox game "Fun Park", showcasing the brand's creative prowess in engaging and expanding its customer base.

An optimistic outlook for the third decade
"Our core brands essence and Catrice achieved unparalleled growth in the past financial year, a fact of which we are all very proud at cosnova. This shows that our brands are in high demand and that we are addressing our consumers with the right innovations. What's more, as we enter our third decade, we are still on track with our mission and absolutely relevant," says Christina Oster-Daum, founder and president of cosnova. "Even though the global economic conditions are currently challenging, we are convinced that we will continue to grow in the future. This applies to both the national and international markets," adds Javier González, co-founder, and president of cosnova. "The substantial investments we have made over the past four years and our sustainable orientation have given us a solid foundation for this. After this sensational financial year, we are extremely optimistic about the third decade of our company's history."

About cosnova Beauty
cosnova Beauty has its headquarters in Sulzbach/Germany and is managed by the Managing Directors Mathias Delor, Javier González, Gesine Hild, Dennis Martin, Thorsten Mühl, Christina Oster-Daum, Hilko Prahl, Stefan Weinmiller and Yvonne Wutzler. cosnova employs around 870 people around the world. The cosmetics brands essence and Catrice are now sold in around 90 countries in Europe, North and South America, the Middle East, Asia, Oceania and Africa. The company's customers include drugstores, food retailers, department stores, perfumeries, fashion chains as well as various online trade partners. In addition, essence and Catrice are also represented with their own online shops.

* Due to a raw material shortage cosnova needs to replace the vegan ingredient berry wax in the essence Lash Princess False Lash Effect Mascara with beeswax (marked on the product) for a limited time (starting in May 2023).

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SOURCE cosnova Beauty