Estée Lauder to open a fragrance development centre in Paris
France and its expertise in the beauty industry continues to attract American cosmetics groups. While Coty has began trading on the Euronext Paris stock exchange, the Estée Lauder group has announced the creation of a fragrance innovation centre in Paris. The Estée Lauder group claims a 40% growth in the prestige fragrance segment from 2019.
The new facility, called 'L'Atelier', will be based in Paris (the exact address has not yet been announced), and will be dedicated to innovation and craftsmanship. It is due to open at the end of 2024.
Its mission: "To support the development of the Estée Lauder Group's portfolio of fragrance brands by setting up close to its perfumers, suppliers and production partners. Led by a dedicated team of fragrance experts, L'Atelier will deepen co-creation and collaboration with external partners to accelerate the time-to-market for innovative fragrances, packaging and concepts," the American group said in a press release.
Estée Lauder has a large portfolio of fragrance brands, including Jo Malone London, Tom Ford and Le Labo, as well as the French houses Kilian Paris and Editions de Parfums Frédéric Malle. The Group is therefore keen to capitalise on the momentum of its fragrance business.
However, over the full 2022/23 financial year, ending June 30, sales fell by 10% to 15.91 billion dollars (-6% on a like-for-like basis).
According to Euromonitor, the prestige fragrance market is expected to grow by 9% a year until 2027.