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Number of pages : ~ 40 pages
Format : Digital and PDF versions
Last update : 07/11/2023

Summary and extracts

1 Market Overview

1.1 Definition and scope of the study

The perfume market refers to the market for scented liquid typically made from essential oils extracted from flowers and spices, used to give a pleasant smell to one's body. These are often alcohol-based.

Every year about 400 new patented perfumes are released into the global market, which is worth about $48.42 billion. Consumers are constantly looking for products belonging to this market, seeking out intoxicating fragrances even from Italy, which is the world's fifth largest market in the trade of these products. Perfumes represent the third highest purchase for the Italian household within the 'body care' sector (preceded by facial and body care products)

Until the COVID-19 pandemic and the economic environment it unleashed, this sector was booming in previous years (fluctuating between 2-3.5 percent year-on-year, 2.3 percent in 2019). The domestic market increased by 1.9 percent while the export market grew by nearly 3 percent. Despite regular price increases in perfumeries and large retail centers, this market continued to grow, making up about 20% of the Italian cosmetics sector. The year 2020 was the first year of market contraction in more than a decade with a 12.8 percent decline, with the domestic market contracting 9.8 percent and exports dropping 16.5 percent.

The perfume sector is markedly segmented in terms of sales with four main types of sellers:

Perfumeries (individual perfumeries, local franchises and branded stores that sell other products but also perfumes) account for 75 percent of the market share
Large retailers
Parapharmacies
Supermarkets, hypermarkets and other forms of distribution account for less than 1 percent

Production is unevenly distributed in a geographical sense, with more than 50 percent of production centers and companies in the northern region of Lombardy, followed by Emilia Romagna with about 10 percent and Veneto with nearly 8 percent. The north largely dominates the south in terms of production, with 3 southern regions not even ranked due to low production levels. Italy also hosts 7 annual free perfume exhibitions, which help spread new fragrances to the general public.

With the economic downturn of the pandemic, the perfume industry in Italy has seen a boost during the holiday season (such as Christmas), as perfumes tend to be popular and easy gifts.

2 Demand analysis

3 Market structure

4 Supply analysis

5 Regulations

6 Positioning of players

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Latest news

Sephora downsizes in China after leaving South Korea - 22/08/2024

- Sephora is shedding "just under 3%" of its workforce in China, or around 100 jobs.
- Sephora has around 400 stores in Asia, including 300 in China.
- Founded in 1968 and acquired by LVMH in 1997, Sephora set up in Beijing in 2005.
- Sephora is the number one retailer of high-end beauty products in the United States.
- The company is targeting sales of "20 billion euros".
- Sephora's operations in China would have generated combined losses over 2022 and 2023 of $46 million, according to annual reports from Shanghai Jahwa United Co. Ltd. which holds 19% of its business on the mainland.
- Sephora recently reduced its presence in South Korea and withdrew from Taiwan.
- The brand is a significant contributor to LVMH sales, second only to Louis Vuitton (over 20 billion in sales).
- Sephora has estimated sales of over $12 billion, according to Bernstein.

nterparfums takes off on the stock market with Lacoste and Pierre Niney - 24/07/2024

Coach and Jimmy Choo fragrance licenses account for a quarter of Interparfums sales
- Interparfums recorded sales of almost 37 million euros with the launch of Lacoste fragrances this year, exceeding expectations.
- Sales of Montblanc fragrances fell by 4% over the half-year to 103 million euros, while sales of Lanvin fragrances dropped by 23% to 20.9 million euros.

Dolce & Gabbana goes public to realize its dreams of greatness - 24/07/2024

- Estimated value of Dolce & Gabbana: around 6 billion euros.
- Dolce & Gabbana sales for fiscal 2023-2024: €1.8 billion.
- Annual sales growth: 17% year-on-year.
- Share of sales in China before the "bad buzz" of 2018: over 20% of sales.
- Decline in the activities of certain luxury players in China: up to 30%.
- Share of Dolce & Gabbana sales in the United States and Canada: close to 30% of its business.
- Number of Dolce & Gabbana stores in the United States: 72, with 12 new openings planned.
- Sales target for Dolce & Gabbana's beauty division, reinternalised in 2022: from 1.5 to 3 billion euros within four years.
- Number of people hired to develop the beauty division: nearly 300.

From Bulgari 700,000 euros for the setting up of the Mausoleum of Augustus in Rome - 26/03/2024

Funding: 700 thousand euros

- Project: Museum arrangement of the Mausoleum of Augustus in Rome
- Architect in charge: Rem Koolhaas
- Expected opening year: 2026
- Museum size: Largest in Rome
- Previous restoration and enhancement by Bulgari:
- - Restoration of the Golden Staircase of the Doge's Palace in Venice (2006)
- - Restoration of the Spanish Steps at the Spanish Steps in Rome (2014)
- - Restoration of the polychrome mosaic of the Baths of Caracalla (2015-16)
- - Restoration of more than 90 Greek and Roman sculptures from the Torlonia collection (2017)
- - Restoration of the Sacred Area of Largo Argentina (2021)
- - Funding for the lighting of the Ara Pacis
- Number of monuments restored thanks to Bulgari patronage: 6
- Statements:
- - Jean-Christophe Babin (CEO of Bulgari and president of Bvlgari Foundation): commitment to the preservation of artistic heritage
- - Mayor of Rome, Roberto Gualtieri: importance of public-private partnership and Bulgari's contribution to the restoration of significant monuments

Sephora to rapidly increase sales from 12 to 20 billion euros - 23/10/2023

Sephora is the world leader in selective perfumery.
LVMH has owned Sephora since 1997.
The Sephora store on the Champs Elysées welcomes 10,000 visitors a day.
The global beauty market grew by 6% last year to reach 250 billion euros.
Sephora has forecast 17% growth by 2022.
The brand has 2,700 stores.
By 2022, according to analysts, Sephora has almost reached 12 billion euros in sales.

Beauty: how Sephora is expanding in the United States - 07/10/2023

America is its first market
The French group opened its first store there twenty-five years ago
Today, it has 658 directly-operated stores on the American market, including 22 in New York
Sephora is present in 35 markets with 2,700 stores
A $430 billion industry according to McKinsey
The United States will consolidate its position as the world's leading beauty market, growing from $70 billion in 2022 to around $100 billion in 2027 (McKinsey).
The brand contributes 20% of LVMH sales and 12% of the Ebit of the number one in luxury goods.
sephora is America's leading selective retailer.
American retailer Kohl's, which has stores in 29 states, partnered with Sephora in 2020, and they share 862 "Sephora Kohl's".

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Salvatore Ferragamo

Giorgio Armani

Bulgari

Acqua di Parma

Sephora

Gucci

Givaudan

Gianni Versace

Dolce & Gabbana

Interparfums

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