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Having experienced one of its worst years in revenue growth, the global fragrance industry is set for a potential rebound. While activity around celebrity launches has escalated over the past year, the industry may be in need of a more unique innovation approach to return to pre-recession levels of growth, according to Irina Barbalova, head of beauty and personal care research, Euromonitor International, in a recent newsletter from the firm.
For suppliers and brand owners alike, this would most certainly mean finding ways of reaching out to consumers through novel scent combinations and customized offerings, but also using personalized approaches to marketing and advertising. The return of economic confidence in some of the more vulnerable markets will bring back stronger demand for exclusive, higher quality and luxury niche scents.
The crossover with the fashion industry is becoming increasingly pronounced. Most clothing retailers now have their own scents, while the iconic Calvin Klein fragrance, Ck one, recently ventured into a new line of apparel. With Levi Strauss pushing into the premium arena with their recent Made & Crafted line and exploring the customized approach with Curve ID jeans for women, could this be the next most logical fit for another fashion fragrance launch?
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Further Euromonitor International analysis of the fragrance market is available here.