BOLOGNA, Italy — Cosnova, parent of the affordable Essence and Catrice cosmetics brands, revealed a secret at the recent session of Cosmoprof here.
“We are adding a new member to the Cosnova family. This year, we will launch a third brand,” Cosnova cofounder and managing director Christina Oster-Daum told WWD.
At Cosmoprof, the only trade show where the company exhibits since Cosnova executives deem it to be the most important in the sector, select visitors and distributors were confidentially given a glimpse of the new brand targeting “confident women.” (More details will be forthcoming.)
Meanwhile, the company continues on a swift growth trajectory.
In 2015, Cosnova recorded net sales of 316.6 million euros, or $344 million at average exchange, up 13 percent versus the prior year. Exports account for 55 percent of the business, and Oster-Daum said this year the firm expects to see double-digit growth yet again.
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The company accelerated its distribution in North America. In January, Cosnova entered 555 Target stores and target.com with Essence.
“The e-commerce market has a completely different status in the U.S. than in Germany,” said Oster-Daum, who explained the channel is less frequented in the latter. She also noted that the younger Essence customer is especially digitally savvy.
In July, Cosnova launched the German-speaking YouTube channel Essence TV, which features “beauty-tainment content” produced by bloggers and influencers, and it also amped up its social media presence with a Snapchat account.
“The question always is, how much do you invest into traditional and new channels, because with beauty there was always the doubt in the past if it works online. But it definitely proved to have an extremely high reach with the customer,” Oster-Daum said.