From being a luxury spend ?to emerging as a vital lifestyle need, perfume and fragrance products have come a long way over the past decade. Indeed, the perfume and fragrance industry has attracted huge investments throughout the world, leading to the development of innovative products. Big perfume brands have been able to change the consumer mind-set to the extent that what was once considered an occasional indulgence has transformed into a product of daily use. Moreover, perfume brands are constantly innovating to create fragrance blends that are more appealing to the consumer.
Here are the top 5 companies in the perfume and fragrance industry that are establishing competitive benchmarks:
Over the years, Estee Lauder has evolved to become one of the supreme leaders of the cosmetics world. The company ended fiscal 2017 with impressive sales growth outperforming all competitors in the prestige beauty market. This growth was accomplished even after facing challenges such as unstable economy in certain regions.
Estee Lauder is well-known for adopting the strategy of acquiring innovative perfume brands to expand its reach and customer base. For instance, in 2014, Estee Lauder acquired two popular fragrance brands: Editions de Parfurms Frederic Malle, and Le Labo. The company also acquired the Paris based prestige brand ‘By Killian’ in 2016. Estee Lauder has the right strategy in place to establish itself in the premium fragrances industry as the recent acquisition of?By Killian?and other brands is driving the revenues of its fragrance division.
Chanel has been a popular name in the fashion and cosmetics landscape for decades. It is known for famed fragrances such as Chanel No. 5 and classic couture ’the little black dress’. There are very few other fragrances that are as iconic as Chanel No.5. This fragrance brand has remained a global bestseller since it was launched in 1921. Chanel launched a new fragrance last year called Gabrielle, after Coco Chanel’s real name. Gabrielle Chanel is a noteworthy addition to this luxury fashion brand’s fragrance portfolio.
Coty Inc. is a brand that used the power of fragrance to create a place for itself among the ranks of the world’s largest cosmetic companies. ?It is one of the first few brands that attempted to market perfume and fragrance products to the masses. Until then perfumes and fragrances were always seen as a luxury product. This strategy was a massive success and the company has helped to make perfumes a necessity as opposed to being a luxury product.
Coty Inc. has a solid place in the perfume and fragrance industry owing to the company’s strategy of collaborating with other popular perfume brands such as Calvin Klein, and Adidas.? The company’s fragrances segment includes brands associated with lifestyle products, fashion designers, celebrities. Some of the company’s popular licensed fragrance brands include?Marc Jacobs, Calvin Klein, Chloé, and Davidoff.
Gucci has long been recognized as the leading luxury fashion brand in the world. Its products have been the epitome of style and class for the new generation.? Gucci’s fragrances are projected to contribute a whopping $600 million to the global business, as per industry sources.
The Italian luxury brand unveiled its latest scent,?Gucci?Bloom last year. Gucci Bloom marks the development?of a new pillar in the company’s product lineup, joining other key franchises such as Bamboo, Flora, Guilty and Gucci.
Bvlgari has firm roots in the world of elegant jewelry and this elegance resonates in the classy and stylish packaging of its wide range of fragrances. Bvlgari entered the perfume and fragrance industry in 1992 with Eau Parfumee au The Vert, a citrus aromatic perfume that can be worn by both men and women.
Bvlgari perfume has been collaborating with renowned perfumers such as Sophia Grojsman, Jacques Cavallier, and Annick Menardo to add new products to its portfolio of fragrances. The jewelry firm unveiled its newest women’s fragrance Goldea last year. The brand also launched a new fragrance’ for men ‘Bvlgari Man Wood Essence, which is expected to appeal to the European market.