Versace has brought in Bright Crystal, Nina Ricci has launched Nina. Well-known international fragrance brands are pervading India by the day.
Versace launched its watches and fragrances last year, and set up its flagship fashion store early in 2006. Bright Crystal comes within months of its international launch, emphasising India's growing importance as a market.
In the last three months seven premium brands — Cartier, Alien, Curious, Aigner, Dunhill, Hugo Boss, the Britney Spears signature line — have all launched a range of perfumes here. There are over 100 international brands currently available in India, of which nearly 60 are the premium high-end designer ones.
The fragrance and cosmetic market is around $ 90 million (Rs 450 crore) and growing by 30 per cent every year. “I think the market size for fragrances alone would be around Rs 300 crore. When we came to India in 1997, there was hardly any market, but in the last eight years it has really boomed," said Suresh Miranda, Managing Director, Euro Traditions.
But this growth is confined to only premium fragrances. “While Europe remains one of the largest markets for fragrance worldwide, Asia and particularly India have been the growing markets. India holds the greatest potential, with retail and distribution developing rapidly,” said Andrea Sgariboldi of EuroItalia, who was here to launch Bright Crystal.
“India is one of the fastest growing markets for perfume,” said Gerard Delcour, President, Parfums Lorris Azzaro, at the launch of his company new line for men Silver Black. Azzaro plans to get aggressive in the Indian market by taking the number of its shop-in-shops from 120 to 145 by the end of this financial year.
“We plan to make India one of the top 10 markets for Azzaro perfumes by next year,” Delcour said.
While the Indian market grows at 30 per cent, Euromonitor, a corporate research company, has estimated that the worldwide growth of the women's fine fragrances market was just 3.5 per cent last year. Mass women's fragrances fared somewhat better, up 7.1 per cent.