Fragrances in Greece

PROSPECTS

Return to (slow) growth for premium fragrances

Premium fragrances has been hardest hit by Greece’s economic recession among all beauty and personal care categories. Comprising of very expensive and non-essential products, value sales have been drastically downsized as consumers have turned to cheaper products or smaller formats, chased after offers and discounts, or abandoned premium fragrances altogether.

Facelift for mass men’s fragrances

Mass fragrances does not directly compete with premium fragrances, as the products in each appeal to different consumer audiences or are used for different occasions. Mass fragrances appeal to younger consumers and lower-income groups, while they are also likely to be used as a morning fragrance by consumers of premium fragrances.

Positive performance of independent perfumeries continues

Since 2014, bulk fragrances sold in independent perfumeries (so-called “juices”) have seen sales increase, posing significant competition to branded fragrances. Bulk fragrances replicate the aromas of well-known brands and are available in attractive bottles, substantially cheaper than the premium fragrances they purport to mimic.

COMPETITIVE LANDSCAPE

Notos Com Holdings leads premium fragrances, followed by L’Oréal and Estée Lauder

Notos Com Holdings SA holds first place in premium fragrances, representing established brand names such as Chanel (Chanel Gabrielle was an important 2017 launch), Hermès (Terre d’Hermès was one of the strongest performers in 2017) and Jean Paul Gaultier Le Mâle (also performing well in 2017). L’Oréal Hellas SA follows, mainly due to its Lancôme and Armani brands.

Domestic Sarantis leads mass fragrances

Domestic distributor and manufacturer GR Sarantis SA is the undisputed leading player in mass fragrances, offering a wide portfolio including brands such as STR8, Ulric de Varens, Antonio Banderas, Myrto, BU, Elode, Denim and C-Thru. In 2017, Sarantis launched STR8 Hero Eau de Toilette, endorsing celebrity NBA player, Giannis Antetokounmpo.

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