Fragrances in Greece

PROSPECTS

Premium fragrances to regain fraction of lost sales

Sales of premium fragrances were drastically downsized during the recession, as consumers traded down to mass or bulk fragrances, shopped for items only under promotions, or abandoned this non-essential category altogether. The stabilisation of the economy, along with the touristic momentum, has translated to a slow return to growth.

“Premiumised” mass men’s fragrances attract trading-down consumers

Mass men’s fragrances witnessed dynamic growth in 2018, as consumers proved keen to trade down to mass lines, which are increasingly incorporating premium characteristics – the leading STR8 brand, endorsed by celebrity NBA player Giannis Antetokounmpo, being the most prominent example. Over the forecast period, mass men’s fragrances are expected to keep attracting budget-conscious consumers, offering products with a more premium positioning, increasing advertising spending and using celebrity endorsements.

Independent perfumeries keep growing

Over recent years, bulk fragrances sold in independent perfumeries (so-called “juices”) have seen sales increase, capturing shares from premium fragrances. Independent perfumeries continued to perform well in 2018, whilst their product quality improved, getting closer to that of the premium originals they are imitating.

COMPETITIVE LANDSCAPE

Notos leads premium fragrances

Notos Com Holdings led premium fragrances in 2018, representing established brand names such as Chanel, Hermès and Jean Paul Gaultier Le Mâle. L’Oréal Hellas followed, mainly due to its Lancôme and Armani brands.

Domestic GR Sarantis is the undisputable leader in mass fragrances

GR Sarantis dominates mass fragrances, offering a wide portfolio including brands such as STR8, Ulric de Varens, Antonio Banderas, Myrto, BU, Elode, Denim and C-Thru. Sarantis’s STR8 brand, with its latest 2018 addition being the STR8 Ahead variant, backed by extensive advertising and endorsed by NBA superstar Adetonkubo, is the most premium offering of the mass market, attracting consumers of premium fragrances.

Niche brands enter the Greek market

During 2018, amidst consumer trends related to higher-income Greeks and tourists, Greek distributors introduced niche, super premium brands like Kilian, Memo Paris, Starck and Maison Francis Kurkdjian as well as exclusive lines by fashion house brands like Louis Vuitton, Prada and Hermès. These niche offerings acquired more shelf space in 2018, providing an air of exclusivity to retailers, even if actual sales did not always follow up.

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