The Fragrance market is one of the largest accessory and peripheral market and brand expansion platforms in the fashion industry. It takes up and produces a large amount of income for the business. The sophisticated and recent gap in the market has enabled individual brands to create more than just fashion, to enable a larger target audience as well as extra promotion for the individual brands.
The current value of sales has had a large increase of 8% since 2010, which has caused a growth in sales within the perfumery economy. For example, a lot of beauty retailers account for 42% of the fragrance sales, leaving Department stores to sell only 19%; leaving 39% to the individual brand itself. This is why there is such push for individual companies to display and increase the awareness of their perfume section. Dior made this a priority in 2006, changing and highlighting the fragrance element of their brand. Not only does Dior focus on the Female fragrance in 1966, when he realised a gap in the market. With Marc Bohan as Head of Design, he created Eau Savage; the men’s aftershave.
Because the fashion industry in particular is so fast paced and is moving forward, it is important from a promotion aspect, as well as a business point of view to make sure that the dream is available for all; which in this case, Dior gowns are out of many price ranges, but having the perfumery element to the company means that the target market increases as there is more availability within the brand. Dior has risen to the challenge and has recently, within the last 10 years focused a lot of time and attention to this, allowing the brand to develop in such a positive manner.