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To compensate, LVMH has increased its investment in smaller brands like Fendi, Céline and Berluti.
Faced with a protracted economic downturn in Europe and slowing growth in important emerging markets like China, Louis Vuitton, like its rival, Gucci, has sought to jump-start sales by repositioning itself even further upmarket, pursuing superrich clients, rather than the merely rich.
The scenario is however set to change with men’s fragrance segment beginning to witness strong growth patterns, as the importance of grooming tops the list of men’s priorities.
Typically, the men’s market was confined to the after-shave fragrances, but today the cards are being turned and men’s fragrances for specific occasions are witnessing huge growth, holding the promise of emerging into a mainstay market. If I spent a few days on the shareholder reports, I know I could find it, but I lack the motivation.
Then, I’ll look at the international picture: from a perfume from a Grand Mufti in the Middle East (yes, I’m being serious), to Valentine’s day in the U.
K.; from best-selling fragrances in France and the companies which dominate that sector, to those in Germany.
Suffice it to say that the company posted record earnings as a whole for 2013 in almost all its global markets.
The exceptions seemed to be Japan, China, and India where sales were less substantial, while the South Korean market was depressed.
Women’s fragrances continue to dominate the market, with a maximum number of product launches and innovations aimed at the fairer sex.
A more recent report says it’s going to be far, far bigger than that.
Perfumer & Flavorist cites a 2013 study by Global Industry Analysts which says the industry will “reach about .6 BILLION dollars in 2018,” a mere 4 years time!
Unfortunately, the P&F article is not written in a very readable, straight forward manner, and, more importantly, they bury the lede, so I’ll turn your attention to a more useful source which makes it clear that The global perfume market has been forecast to reach a value of approximately US.6 billion by 2018, driven primarily by growth expected in the underpenetrated emerging markets and innovative product launches.
The market is set to benefit from the growing trend towards consumer urbanisation, higher spending propensity and the heightened importance on personal appearance and grooming.
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I’ll also briefly examine the perfume industry in Italy, the Netherlands, Spain, and India.