Luxury brands smell success
28/08/2018
Hermès sold its stake in Jean Paul Gaultier’s brand in 2011 to Spanish perfume company Puig. Three years later, Puig withdrew Gaultier ready-to-wear collections and the designer now only releases two haute couture collections a year. He recently told the Financial Times that these collections serve as “a kind of advertising” for fragrances such as the brand’s Classique, which comes in a famous torso-shaped bottle.
Quoting studies from Inkwood Research, the FT said that the global fragrance market is likely to grow by around 1.5% between now and 2022 to around £1.5 billion. However, the same research shows that the wider beauty market will grow by more than 60% over the same timeframe, reaching $750 billion. The newspaper pointed out that Chanel is one brand to have built up its entire business, including leathergoods, “around a few key signature scents”.
It also said that, having “neglected” the beauty market for decades, Louis Vuitton launched six scents for women in 2016 and a collection for men this year. Chief executive, Michael Burke, told the FT: “It’s easier [for consumers] to build a relationship with a €300 perfume than with a €2,000 bag.”
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