Louis Vuitton has launched its first perfume range in over 70 years in an attempt to reach a wider range of consumers amid a downturn in luxury spending. According to Reuters, the fragrance efforts by Louis Vuitton are "an important step for the French brand as it tries to strike the delicate balance between increasing its number of more affordable goods while retaining its cachet."
The publication noted, "Until now, shoppers on more modest incomes have only been catered for by Louis Vuitton's key chains and very small leather goods, costing around €200-300 a piece. But the brand needs to boost sales growth after a sharp slowdown in the past three years, and with little sign of an industry recovery as security fears and geo-political uncertainty hit the tourism flows vital for luxury brands."
That does not mean Louis Vuitton's collection of seven perfumes, will not set you back. The 100 ml bottles are being offered for sale for around €200 (£168) for a 100 ml bottle, making them quite a bit more costly than the average fragrance, which Reuters claims "cost under €100."
Unlike ready-to-wear, the fragrance and beauty market, in general, has been more resilient to the industry downturn than some parts of the luxury market, with global sales estimated to have risen 2.9 percent to about €15 billion last year. Within that, sales by niche brands jumped about 15 percent to around €1 billion.