Determined to ride the wave of fragrance renewal, Estée Lauder is betting on the cradle of modern perfumery. The American luxury cosmetics giant (Estée Lauder, Clinique, Mac, Tom Ford, La Mer...) will open a workshop in Paris dedicated to R&D and innovation on perfumes, where 40 employees will work by the end of 2024.
"Paris allows us to be at the crossroads of perfume partners, suppliers and also the talents needed to bring our innovations to market faster," explains Stéphane de La Faverie, Group Executive Chairman in charge of perfume brands. Estée Lauder wants to give itself the means to take advantage of the growth of the global market for prestige perfumes, expected at 9% per year until 2027, according to Euromonitor.
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The group, which has abandoned all its perfumes under license (Tommy Hilfiger, Michael Kors, Donna Karan, Zegna) with the exception of Balmain, focuses on the brands it owns. Twice as small in fragrances...
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