Fragrance sales are surging, so how will MoCRA change things in 2024?

Fragrance is having a big moment. In fact, some may even say that 2023 is the year of fragrance. 

LVMH’s fragrance and cosmetics division, which includes Christian Dior and Stella McCartney, grew by 13% year-over-year during the first half of the year. Meanwhile, L’Oréal’s Luxe division reported double-digit fragrance growth across all regions thanks to sales of YSL, Prada and Valentino scents. In July, Kering, which is owned by Gucci, acquired Creed in an all-cash $3.83 billion deal, which came just after L’Oréal acquired fragrance and body care company Aesop for $2.5 billion. 

Fragrance has also been a bright spot during disappointing quarters. Earlier this month, Estée Lauder Companies reported that fragrance sales had increased across all of the conglomerate’s brands, including Le Labo and Tom Ford, despite an overall 10% decrease in net sales for the first quarter of its fiscal 2024.

Continue reading this article on glossy.co. Sign up for Glossy newsletters to get the latest on the business of beauty, fashion and pop culture.