L’Oréal Sees Fragrance Market Split Between Affordable Mists and Luxury Perfumes
The global fragrance market is currently growing at around 5-6%, slower than the double-digit growth rates seen in previous years, while becoming increasingly polarised between affordable products and high-end perfumes, L’Oréal Chief Financial Officer Christophe Babule said at a Barclays consumer conference on Tuesday.
L’Oréal has been targeting younger consumers with more accessible fragrance offerings, including a recently launched range of mists under its NYX brand aimed at Gen Z shoppers. The move reflects growing demand for lower-priced, lighter fragrance products among younger consumers, alongside continued interest in premium and luxury perfumes.
The French cosmetics giant reported better-than-expected quarterly sales at the end of July, with total sales rising 6.3% on a like-for-like basis in the three months to the end of June. The company’s performance comes as the beauty industry navigates shifting consumer preferences and a more moderate pace of growth in the global fragrance market.
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