The award was given to the American-French group by the Consumer Goods Technology (CGT) group, a group of senior leaders representing the Consumer Industry, following a review of all the entries.
"Coty is thrilled to accept this prestigious honor," said Bernd Beetz, CEO of Coty. "We are humbled to be recognized by a Board of peers who are industry giants in their respective companies.”
“At the helm of this great company for 10 years now, I have seen first-hand the drive and creativity that embodies all those who work at Coty. I am confident that this achievement will propel us even further as we continue strengthening our innovation pipeline and delivering products that consumers love."
Singled out
As part of the selection process, various products were scrutinized, with three particular Coty products being recognized as the most innovative.
Rimmel’s Lash Accelerator was singled out for its lash growth technology; Sally Hansen Salon Manicure received a mention as it is the first encapsulation in nail lacquer; and Sally Hansen Special Effects was recognized for its patented film technology.
"These products and their subsequent recognition are the result of great team work as we drive our innovation process to new levels," said Ralph Macchio, senior vice president, Global Research & Development and Chief Scientific Officer.
"The science behind Coty's product portfolio uniquely reflects the team's successful response to the evolving demands of consumer habits and retail trends. We are all very excited to be recognized for our strong innovation performance in a highly competitive marketplace."
The award is just another positive step for Coty as the beauty brand looks to get a superior stronghold in the beauty market.
A work in progress
Indeed, given the progression made over the last ten years, one would struggle to argue the company is not going in the right direction.
Between 2002 and 2009, Coty posted phenomenal growth, almost tripling in size from $1.4bn to $4bn, building on its strength in fragrance, as well as bolstering its presence in other cosmetics markets.
2010 was a busy year for Coty with several strategic acquisitions announced in the latter months.
Nail care company OPI, skin care companies TJoy, philosophy, and Dr. Scheller Cosmetics, as well as Calvin Klein color cosmetics were all acquired by the beauty firm.
A Coty spokesperson told CosmeticsDesign.com USA at the time that the company expected further growth to continue through 2011, stating its aggressive strategy was always to grow organically and externally, moving beyond fragrance and expanding further into the skin care and color category.
With the aid of further investment, Coty continued to expand this year in key emerging markets including Brazil Russia, India and China, which it says is because collectively BRIC makes up almost one-fifth of the world beauty market or equivalent in size to the American beauty market.