The luxury and prestige beauty sectors are more crowded today than ever before. Recent reports from the top players in the industry have demonstrated above-market growth, signaling a healthy consumer demand to support and sustain this rapidly evolving market.Coty, the beauty company that’s home to over 50 brands in prestige and consumer beauty, released its results for the third quarter of fiscal year 2024 and announced an 8% growth in net revenue on a reported basis and 10% on a like-for-like (LFL) basis, the latter of which is adjusted for new or divested businesses. The impressive results exceeded expectations and were reportedly fueled by strong growth in fragrances, color cosmetics, skincare, and bodycare.Coty’s prestige cosmetics category saw the biggest increase, with a reported net revenue growth of over 25% in the quarter, led by its three prestige cosmetics brands Burberry, Kylie, and Gucci. Consumer beauty net revenues increased 6%, while prestige fragrances revenues grew 7% in the quarter and 18% on a year-to-date basis, driven in large part by strength in existing icons as well as new launches.Burberry was a top performer for Coty this quarter. The brand’s Goddess fragrance was Coty’s biggest launch to date, and coupled with substantial growth in other Burberry franchises, helped over 50% expansion in Burberry's total net revenues in Coty’s third quarter. Additionally, two recently launched Coty fragrances, Marc Jacobs Daisy Wild and Cosmic Kylie Jenner, are ranking as the top two fragrance launches in the US.