Prestige fragrance's sales grew faster than any other beauty category in 2024, as the beauty industry shifted.
Prestige perfume, especially niche, has been on investors’ radar, too, with 2024’s deals including Kering taking a minority stake in Matière Première, Eurazeo making a minority investment in Ex Nihilo, and Manzanita Capital acquiring a majority share in D.S. & Durga.
“There is still a huge upside on the penetration levels,” said Jerry Vittoria, president, global fine fragrance at Dsm-Firmenich, of the U.S. The country’s definite slowdown has been noted, however. But it’s not just fine fragrances coming out of the Middle East, such as by Amouage in Oman, having worldwide success. Examples from other countries include scents created by Sol de Janeiro in Brazil or Alchemist Fragrance in Indonesia., domestic fine perfume labels such as Beast, Scent Library and Boitown could globetrot one day.
Functional fine fragrances, giving emotional and cognitive benefits, were also launched this year. Last spring, for instance, Charlotte Tilbury came out with a collection of six scents developed with IFF’s proprietary technology meant to stir emotions, vibrations, actions and reactions.
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