Fragrance market dynamism in 2023
While Dior celebrates its perfume J'adore in an exhibition at the Beaux-Arts de Paris, the fragrance and cosmetics industry is experiencing significant movements.
By Eva Morletto28 septembre 2023
A gleaming corridor of gold guides visitors through the history of Dior's J'adore perfume at the Beaux-Arts de Paris, illuminated by the outfits of its muses and the evolution of its bottles. On September 26, in the presence of actress and Dior ambassador Charlize Theron, the house inaugurated the exhibition dedicated to its best-selling perfume. The digital artwork by artist Refik Anadol inspired by J'Adore's Gold is a must-see.
The Perfume and Beauty Care sector has seen strong growth in recent months. In the first half of 2023, the segment's revenue at LVMH increased organically by 13%. The factors behind these business successes can be attributed to a strong commitment to innovation and a highly selective distribution strategy.
In the realm of men's fragrances, Dior's Sauvage remains at the top worldwide. According to a survey by Le Journal du Dimanche, it is the leading men's fragrance in the international market, which was valued at nearly €31 billion in 2021. As for women's fragrances, J'adore and Miss Dior continue to enchant the public, positioning themselves at the top of sales in France. Dior sells 820,000 bottles of Dior J'adore every year. The iconic fragrance featuring notes of mandarin, bergamot, jasmine, rose, ylang-ylang, and musky vanilla, launched in 1999, generates approximately €55 million annually.
The global perfume market remains dynamic. In 2022, Dolce & Gabbana announced the internalization of its beauty-related activities by creating Dolce & Gabbana Beauty and partnered with Intercos for perfume production. In early September, Richemont appointed Boet Brinkgreve, formerly of Firmenich, as President of the new High Perfumery and Beauty Laboratory and optimized the beauty divisions, under licenses, of its six houses, including Cartier, Van Cleef & Arpels, Chloé, Dunhill, Alaïa, and Montblanc. With a 14% revenue growth in the April-June 2023 period, the group announced the creation of a hub, combining the strengths of each house to 'contribute to the development of the finest creations and promising licenses,' as indicated by Richemont. This laboratory aims to centralize the assets of each house while sharing expertise and knowledge. The Swiss group is now targeting the perfume and cosmetics market, which is evidently thriving.
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