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the rise of local perfume brands breaks the traditional model
the scale of china's fragrance market continues to expand, from 11.4 billion yuan in 2018 to 22.9 billion yuan in 2023, and is expected to reach 44 billion yuan by 2028. at the same time, local perfume brands are rising rapidly, with registrations increasing year by year, and making breakthrough progress in market competition. local fragrance brands are attracting more and more consumers, especially the younger generation, with their unique cultural elements and cost-effective advantages.
coty group's transformation and challenges
as an international perfume giant, coty group is also aware of the rise of chinese local brands. faced with fierce competition, its strategy in china is facing challenges. the company has recently actively adjusted its sales channels, such as reforming and cooperating with the marc jacobs flagship store and authorizing its sales to sephora. in addition, coty continues to strengthen its high-end market services, striving to provide differentiated competitive advantages and customized services to meet the personalized needs of consumers.
future development direction: local and international brands coexist
with the rise of local fragrance brands, international brands will face new challenges, but also new opportunities. the future of the chinese perfume market will present a "polarized" pattern: on the one hand, the high-end market will still be the focus of competition for international brands; on the other hand, local brands will continue to occupy an important position in the mass market and further develop and improve their fragrance technology and brand culture.
ultimately, the key to success lies in how to balance the competition and cooperation between local and international brands. international brands need to continuously improve their service quality and innovation capabilities to better adapt to the unique needs of the chinese market, while local brands need to continuously improve their fragrance technology level and market influence to stand out in the fierce competition.
