business analysis of fragrance as entrepreneur of new launch fragrance
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Fragrance companies are no longer just worrying about product sales or market share, but also how to revamp their way of doing business before some innovative start-up comes along and upends them
Many aspects of traditional business models are being challenged as direct-to-consumer (DTC) players like ScentBird start incubating and launching brands, or connected digital platforms put fragrance creation into the hands of a community of users.
Most of the major players have sought to set up incubators or open innovation initiatives like LVMH’s DARE, (Disrupt, Act, Risk to be an Entrepreneur), or L’Oréal’s BOLD Business Opportunities for L’Oréal Development corporate venture capital fund, to help look to the future
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