<PAGE>
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington , D.C. 20549

                                    FORM 10-Q

                                   (Mark One)

 X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE 
--
ACT OF 1934
                    For the Quarter Ended September 30, 1997

                                       OR

 __ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
EXCHANGE ACT OF 1934

         For the transition period from __________ to _____________.

Commission file number 1-13714

                                  COTY US INC.
             (Exact name of registrant as specified in its charter)

Delaware                             06-1342491
(State of Incorporation)   (IRS Employer Identification No.)

237 Park Avenue, New York, New York          10017
(Address of principal executive offices)   (Zip Code)

        Registrant's telephone number, including area code: 212-850-2300

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subjected to such filing
requirements for the past 90 days.

Yes X  No __
    --

As of November 1, 1997, there were 100 shares of the Company's common stock
outstanding, all of which were held by Coty Inc., a subsidiary of Joh. A.
Benckiser GmbH.

                                       1

<PAGE>

                                                   COTY US INC.
                                                     FORM 10-Q

                                                       INDEX


<TABLE>
<CAPTION>
Part I.    Financial Information                                                                   Page
                                                                                                   ----
          <S>                                                                                         <C>
           Item 1.      Financial Statements

           Consolidated Balance Sheets as of September 30, 1997 and December 31, 1996.................3

           Consolidated Statements of Operations for the three month and
           nine month periods ended September 30, 1997 and 1996.......................................4

           Consolidated Statements of Cash Flows for the nine months ended September 30, 1997
           and 1996...................................................................................5

           Notes to Unaudited Consolidated Financial Statements.......................................6

           Item 2.    Management's Discussion and Analysis of Financial Condition and Results of
                      Operations......................................................................7

Part II.   Other Information..........................................................................9

           Signature  ...............................................................................10
</TABLE>


                                       2
<PAGE>



                                           PART I. FINANCIAL INFORMATION

ITEM 1:    FINANCIAL STATEMENTS

                                           COTY US INC. AND SUBSIDIARIES
                                            CONSOLIDATED BALANCE SHEETS

                                     (Dollars in Thousands Except Share Data)

<TABLE>
<CAPTION>
                                                                 September 30, 1997             December 31, 1996
                                                                 ------------------             -----------------
                                                                     (Unaudited)
<S>                                                              <C>                            <C>
Assets
Current assets

     Cash and cash equivalents                                     $     314                      $    7,199
     Trade accounts receivable, less allowances of $7,288
         and $5,270, respectively                                    115,802                          88,072
     Inventories                                                     106,492                          53,563
     Due from affiliates, net                                          6,214                           4,279

     Deferred income taxes                                            34,668                          35,094
     Prepaid expenses and other current assets                        17,020                           7,548
                                                                    --------                        --------
           Total current assets                                      280,510                         195,755

Property, plant and equipment, net                                    26,930                          24,966
Goodwill and other intangibles, net                                  315,712                         327,358
                                                                     -------                         -------
           Total assets                                             $623,152                        $548,079
                                                                     =======                         =======

Liabilities and Stockholder's Equity
Current liabilities

     Accounts payable                                              $  47,086                       $  41,430
     Income and other taxes payable                                    7,006                          22,512
     Accrued liabilities                                              97,240                         137,822
                                                                    --------                         -------
           Total current liabilities                                 151,332                         201,764

Long-term bank debt                                                  120,501                              --
Senior subordinated notes                                            131,846                         131,535
Deferred income taxes                                                 21,518                          19,829
Other long-term liabilities.................................          30,836                          28,297
                                                                    --------                        --------
           Total liabilities                                         456,033                         381,425

Preferred stocks of subsidiary held by affiliate                      94,486                          90,470

Stockholder's equity

     Common stock, $1 par, 100 shares authorized, issued
         and outstanding                                                  --                              --
     Additional paid-in capital                                       36,809                          36,809
     Retained earnings                                                35,824                          39,375
                                                                    --------                        --------
           Total stockholder's equity                                 72,633                          76,184
                                                                    --------                        --------
           Total liabilities and stockholder's equity               $623,152                        $548,079
                                                                     =======                         =======
</TABLE>

            See notes to Unaudited Consolidated Financial Statements.

                                        3

<PAGE>

                          COTY US INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                             (Dollars in Thousands)
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                Three Months Ended         Nine Months Ended
                                                   September 30,              September 30,

                                                  1997        1996         1997        1996
                                                 ----         ----         ----         ----
<S>                                           <C>          <C>          <C>          <C>      
Net sales                                     $ 129,799    $ 170,005    $ 249,239    $ 300,591
Cost of sales                                    49,860       59,882       88,364      102,427
                                              ---------    ---------    ---------    --------- 
        Gross profit                             79,939      110,123      160,875      198,164

Selling, general and administrative              48,408       67,237      136,691      154,148
Amortization of intangibles                       4,882        4,863       14,647       14,591
Quintessence integration costs                     --           --           --          1,500
                                                 ------       ------    ---------    --------- 
        Operating income                         26,649       38,023        9,537       27,925

Interest expense                                  5,820        6,098       15,313       16,186
Other income, net                                  (568)        (563)      (1,740)      (1,551)
Minority interest in preferred stocks             1,339        1,339        4,016        4,016
                                              ---------    ---------    ---------    ---------  
        Income (loss) before income taxes        20,058       31,149       (8,052)       9,274


Income tax provision (benefit)                   10,735       16,572       (4,501)       4,932
                                              ---------    ---------    ---------    --------- 

        Net income (loss)                     $   9,323    $  14,577    $  (3,551)   $   4,342
                                              =========    =========    =========    =========
</TABLE>

            See notes to Unaudited Consolidated Financial Statements.

                                       4

<PAGE>

                                           COTY US INC. AND SUBSIDIARIES
                                       CONSOLIDATED STATEMENTS OF CASH FLOWS

                                              (Dollars in Thousands)
                                                    (Unaudited)
<TABLE>
<CAPTION>

                                                                                 Nine Months Ended September 30,

                                                                                    1997            1996
                                                                                    ----            ----
<S>                                                                              <C>             <C>
Cash flows from operating activities


Net income (loss)                                                                $  (3,551)      $   4,342
Adjustments to reconcile net income (loss) to net cash
       used in operating activities:

        Depreciation and amortization                                               18,052          18,226
        Minority interest in preferred stocks                                        4,016           4,016
        Provision for post-retirement benefits                                       2,075           1,919
        Provision for bad debts                                                      1,424           1,832
        Deferred income taxes                                                        2,115           1,320
        Changes in operating assets and liabilities:

            Increase in trade accounts receivable                                  (29,154)        (68,623)
            Increase in inventories                                                (52,929)        (28,712)
            (Increase) decrease in prepaid expenses and other                       (9,472)            829
            Increase (decrease) in accounts payable                                  5,656          (5,454)
            Decrease in accrued liabilities and other                              (59,098)        (26,352)
                                                                                  --------       --------- 
Net cash used in operating activities                                             (120,866)        (96,657)
                                                                                  --------       --------- 

Cash flows from investing activities

     Purchase of property, plant and equipment                                      (4,585)         (2,284)
                                                                                   -------       ---------
Net cash used in investing activities                                               (4,585)         (2,284)
                                                                                   -------       ---------

Cash flows from financing activities

     Net proceeds from long-term bank debt                                         120,501         106,843
     Net increase in due from affiliates                                            (1,935)         (7,874)
                                                                                  --------       ---------

Net cash provided by financing activities                                          118,566          98,969
                                                                                 ---------       ---------

Net (decrease) increase in cash and cash equivalents                                (6,885)             28

Cash and cash equivalents, beginning of period                                       7,199             445
                                                                                 ---------       ---------

Cash and cash equivalents, end of period                                         $     314       $     473
                                                                                 =========       =========

Cash paid for:

Interest                                                                       $    10,008      $   10,070
                                                                                ==========       =========

Income taxes                                                                   $     8,938      $    2,002
                                                                                ==========       ==========
</TABLE>


            See notes to Unaudited Consolidated Financial Statements.

                                       5

<PAGE>



                          COTY US INC. AND SUBSIDIARIES
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

                             (Dollars in Thousands)

                           (1) Basis of Presentation

         The accompanying unaudited consolidated financial statements include
         the accounts of Coty US Inc. and its subsidiaries (the "Company") after
         elimination of all material intercompany balances and transactions.
         Coty US Inc. is a wholly owned subsidiary of Coty Inc., which is wholly
         owned by Joh. A. Benckiser GmbH, a German company. These financial
         statements should be read in conjunction with the consolidated
         financial statements and the notes thereto contained in the Company's
         Annual Report on Form 10-K. The interim statements are unaudited but
         include all adjustments, which consist of only normal and recurring
         accruals, that management considers necessary to fairly present the
         results for the interim periods. Results for interim periods are not
         indicative of results for a full year due to the seasonal nature of the
         Company's business. In connection with a credit facility established by
         Coty Inc. in October 1997 with several banks, Coty Inc. pledged the
         shares of Coty US Inc. as collateral for the facility.

 (2) Inventories

         Inventories consisted of the following:

                                September 30,          December 31,
                                   1997                  1996
                                   ----                  ----
           Raw materials       $  36,558               $15,787
           Work-in-process        26,022                10,388
           Finished goods         43,912                27,388
                                 -------                ------
                                $106,492              .$53,563
                                ========               =======


(3) Parent Only Financial Information

         Coty US Inc.'s subsidiaries, QHIG and Quintessence, are guarantors of
         the Company's Senior Subordinated Notes due 2005 (the "Notes").
         Substantially all operations, assets and liabilities of the Company are
         those of Coty US Inc. Summarized unconsolidated financial information
         of Coty US Inc., exclusive of intercompany balances between Coty US
         Inc. and its subsidiaries, is as follows:


                                         September 30,           December 31,
                                             1997                   1996
                                             ----                   ----
           Balance Sheet:

           Current assets                  $274,864               $189,802
           Non-current assets               307,198                314,273
           Current liabilities              150,500                198,605
           Non-current liabilities          297,911                172,228


<TABLE>
<CAPTION>
                                                        Three Months Ended                 Nine Months Ended
                                                            September 30,                      September 30,
                                                         1997           1996            1997            1996
                                                         ----           ----            ----            ----
     Statement of Operations:
<S>                                                   <C>            <C>              <C>             <C>     
     Net sales                                        $129,799       $170,005         $249,239        $300,591
     Gross profit                                       79,939        110,123          160,875         198,164
     Operating income                                   27,518         38,908           12,145          32,050
     Income (loss) before income taxes                  21,294         37,153           (2,490)         20,448
     Net income (loss)                                  12,521         21,846           (1,464)         12,023
</TABLE>

                                       6

<PAGE>



ITEM 2:             MANAGEMENT'S DISCUSSION  AND ANALYSIS OF
                   FINANCIAL CONDITION AND RESULTS OF OPERATIONS

                              (Dollars in Thousands)

Results of Operations

   
Nine months and quarter ended September 30, 1997 versus nine months and quarter
ended September 30, 1996.
    

Net sales decreased by $51,352, or 17.1%, to $249,239 for the nine months ended
September 30, 1997 from $300,591 for the nine months ended September 30, 1996
and decreased by $40,206, or 23.6%, to $129,799 for the quarter ended September
30, 1997 from $170,005 for the quarter ended September 30, 1996. The decrease is
due to lower shipments and increased returns as compared to the prior year
caused by the overall weakness in the mass fragrance market. In addition, the
net sales for the nine month and three month periods ended September 30, 1997
are lower than comparable prior year periods due in part to the timing of
shipment of certain Christmas orders. The Company expects that the weakness in

the mass fragrance market will continue during fourth quarter 1997; therefore,
it is anticipated that for full year 1997, net sales will be lower than full
year 1996. The Company is taking steps in response to the current market
conditions. These steps include improving the attractiveness of its promotional
gift products in order to increase retail sales and introducing in 1997
"non-traditional" fragrance items such as Calgon Body Mists and Healing Garden
aromachology products. The Company expects to expand the range and distribution
of these product lines in 1998.

   
Gross profit was 64.5% and 65.9% of net sales for the nine months ended
September 30, 1997 and 1996, respectively, and 61.6% and 64.8%, respectively, of
net sales for the quarters ended September 30, 1997 and 1996. Gross profit
percentage for the nine months and quarter ended September 30, 1997 was lower
than the similar prior year periods due primarily to improved packaging for
Christmas 1997 promotional products as well as increased returns.
    

Selling, general and administrative expenses decreased by $17,457 or 11.3%, to
$136,691, or 54.8% of net sales, for the nine months ended September 30, 1997
from $154,148, or 51.3% of net sales, for the nine months ended September 30,
1996 and by $18,829, or 28.0%, to $48,408, or 37.3% of net sales, for the
quarter ended September 30, 1997 from $67,237, or 39.6% of net sales, for the
quarter ended September 30, 1996. The increase as a percentage of net sales for
the nine months ended September 30, 1997 as compared to the nine months ended
September 30, 1996 was primarily the result of lower net sales. Management
expects that on a full year basis, selling, general and administrative expenses
as a percentage of net sales will be consistent with 1996. The Company spent
approximately $83,313, or 33.4% of net sales, for the nine months ended
September 30, 1997 and $32,683, or 25.2% of net sales, for the quarter ended
September 30, 1997 for advertising and promotional purposes compared to
$103,950, or 34.6% of net sales, for the nine months ended September 30, 1996
and $52,119, or 30.7% of net sales, for the quarter ended September 30, 1996.

Interest expense decreased by $873, or 5.4%, to $15,313 for the nine months
ended September 30, 1997 from $16,186 for the nine months ended September 30,
1996 and by $278, or 4.6%, to $5,820 for the quarter ended September 30, 1997
from $6,098 for the quarter ended September 30, 1996. The decrease is primarily
due to lower average borrowings during the nine months and quarter ended
September 30, 1997 as compared to the similar 1996 periods.

Other income, net increased by $189 to $1,740 for the nine months ended
September 30, 1997 from $1,551 for the nine months ended September 30, 1996 and
slightly increased to $568 for the quarter ended September 30, 1997 from $563
for the quarter ended September 30, 1996. The net increase for the nine months
ended September 30, 1997 as compared to the nine months ended September 30, 1996
is primarily due to fees from Lancaster Group US LLC, an affiliate, recorded by
the Company in return for providing various management, administrative and
manufacturing services.

Financial Condition, Liquidity and Capital Resources

The Company's business is seasonal in nature. During the first and second
quarters of the year working capital borrowings generally increase as payments

are made for the prior Christmas season's advertising and promotional costs,
credits are given on returns and inventory purchases are made. These borrowing
requirements are partly

                                       7

<PAGE>

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

                             (Dollars in Thousands)

offset by significant cash collections related to prior year Christmas season
sales. Borrowings generally continue to increase during the third quarter,
primarily to finance the build up of accounts receivable related to the back-to-
school and Christmas selling seasons. During the fourth quarter, significant
cash is generated as customer payments on Christmas orders are received. Cash
used in operating activities for the nine months ended September 30, 1997 has
increased versus prior year primarily due to lower net sales.

The Company's principal future uses of funds are expected to be for operating
expenses, working capital requirements, debt service, income taxes and, subject
to limitations under the Company's debt instruments, dividend payments to its
parent. In December 1994, the Company entered into an unsecured credit facility
(the "Credit Facility") which provided the Company with (i) a term loan (the
"Term Loan") of $70,000 and (ii) a revolving loan facility (the "Revolving Loan
Facility") of up to $160,000. Up to $10,000 of the Revolving Loan Facility may
be used to issue standby and/or commercial letters of credit. The Term Loan was
fully repaid as of December 31, 1996. As of September 30, 1997, borrowings under
the Revolving Loan Facility amounted to $120,501. Unamortized debt issuance
costs relating to the Credit Facility amounted to $1,418 at September 30, 1997.

Subject to certain exceptions, the Credit Facility restricts the Company's
ability to pay dividends on the preferred stocks other than in-kind. The Credit
Facility also contains certain covenants that place restrictions (subject to
certain exceptions) on the Company (and its subsidiaries) with respect to
guarantees, sale of certain assets, consolidations and mergers, loans and
advances, indebtedness, issuance of stock and change of control.

The Notes contain certain covenants including provisions that place restrictions
(subject to certain exceptions) on the Company (and its subsidiaries) with
respect to guarantees, loans and advances, indebtedness, sale of certain assets,
mergers and consolidations, issuance and sale of subsidiary stock and certain
transactions with affiliates, including capital stock dividend payments.

The Company's primary sources of funds are expected to be cash from operations
and borrowings under the Revolving Loan Facility. Management believes that the
Company's cash on hand, anticipated funds from operations and borrowings under
the Revolving Loan Facility will be sufficient to cover the Company's working
capital, debt service and capital expenditure requirements for a period of at
least twelve months.

Certain Factors That May Affect Future Results


From time to time, information provided by the Company, statements made by its
employees or information included in its filings with the Securities and
Exchange Commission (including the Company's Annual Report on Form 10-K and this
Form 10-Q) may contain statements which are not historical facts, so-called
"forward-looking statements", which involve risks and uncertainties. In
particular, statements in "Management's Discussion and Analysis of Financial
Condition and Results of Operations" relating to anticipated shipments, the
performance of the mass fragrance market and the sufficiency of funds to meet
working capital and capital expenditure requirements may be forward-looking
statements. The Company's actual future results may differ significantly from
those stated in any forward-looking statements. Factors that may cause such
differences include, but are not limited to, the factors discussed below. Each
of these factors, and others, are discussed from time to time in the Company's
filings with the Securities and Exchange Commission which are deemed
incorporated by reference herein.

The Company's quarterly and annual operating results are affected by a wide
variety of factors that could materially adversely affect revenues and
profitability, including: competitive pressures on selling prices; the timing
and cancellation of customer orders; the loss of a significant customer; returns
from certain retailers; changes in product mix; the Company's ability to
introduce new products on a timely basis; introduction of products by the
Company's competitors; market acceptance of the Company's and its competitors'
products; the level of orders received which can be shipped in a quarter; the
Company's success in its marketing efforts; and the timing of investments in
research and development. As a result of the foregoing and other factors, the
Company may experience material fluctuations in future operating results on a
quarterly or annual basis which could materially and adversely affect its
business, financial condition and operating results.

                                       8

<PAGE>



                           PART II. OTHER INFORMATION

Item 1:  Legal Proceedings -   The Company is  involved  in various  routine  
                               legal  proceedings  arising in   the    ordinary
                               course of ts business.  The    Company believes
                               that  the  outcome  of  all  pending  legal
                               proceedings  in the aggregate will  not have a
                               material  adverse  effect  on the  financial
                               condition or results of operations of the 
                               Company.


Item 6:    Exhibits and Reports on Form 8-K

    (a)  Exhibits:  None

    (b)  Reports on Form 8-K:  None


                                       9

<PAGE>



                                    SIGNATURE

     Pursuant to the requirements of the Securities and Exchange Act of 1934,
     the registrant has duly caused this report to be signed by the undersigned
     thereunto duly authorized.

                                  COTY US INC.

                                                       /s/ Daniel J. Finnegan
                                                       ----------------------
                                                           Daniel J. Finnegan
                                                      Vice President, Finance

                                                     (Principal Financial and
                                                          Accounting Officer)

 .

Dated:  November 13, 1997

                                       10