Highlights November 2025

The global fragrance industry remains dynamic despite the macroeconomic climate and a general slowdown in consumption. Major groups are moving at different speeds: solid growth for Puig and Amouage, more moderate results for L'Oréal, adjustments at Coty and a gradual recovery at Estée Lauder.

We also analyse the future of fragrance through Generation Z and the rise of new olfactory interfaces.

Coty reacts under pressure

Coty began fiscal year 2026 with sales of $1.58 billion (-6%). The Prestige division proved more resilient (-4%), supported by Burberry, Boss and Gucci Beauty, despite a context marked by the upcoming loss of the Gucci licence in 2028 (which will transfer to L'Oréal following its agreement with Kering).

The company, which expects to return to growth in the second half of the year, is preparing new launches for Etro, Swarovski, and Marni, as well as the relaunch of Marc Jacobs Beauty.
It has also unveiled Jawhara, a new brand inspired by the Middle East, featuring five unisex eaux de parfum built around oud, rose, and vanilla.

Puig maintains solid growth

Puig recorded €3.596 billion in sales in the first nine months of 2025 (+7%). Its fragrance division represents 73% of the business. Although growth moderated in the third quarter, the company maintains a positive outlook thanks to strategic launches such as Carolina Herrera's La Bomba and the new collections from Byredo and Penhaligon's. Asia-Pacific remains a key driver, with growth exceeding 19%.

L'Oréal accelerates progressively

L'Oréal had a turnover of €32.807 billion in revenue in the first nine months (+3.4%). The Luxury division grew 2.2%, driven mainly by Prada, Miu Miu, YSL, and Aesop. The company is regaining traction in the United States and China, two essential markets for the premium category. Its alliance with Kering – which includes Creed and will soon encompass the Gucci, Balenciaga, and Bottega Veneta licences – reinforces its global leadership in prestige perfumery and accelerates its expansion into niche fragrance.

Estée Lauder returns to growth

Estée Lauder returned to growth in its first fiscal quarter of 2026 (+4%), with fragrances as its most dynamic category (+13%). Tom Ford Beauty, Le Labo, Jo Malone London, and Kilian Paris are leading the recovery amid internal restructuring. The creation of La Maison des Parfums in Paris, its new global olfactory innovation laboratory, confirms a strategic focus on a segment that offsets weaker performance in makeup and hair care.

Amouage sets an all-time record

Amouage surpassed $300 million in sales (+73%), driven by the Exceptional Extraits, Guidance, and Odyssey collections. Regional growth is remarkable: +96% in the Middle East, +71% in Europe and +61% in the Americas. Travel retail (+83%) and branded boutiques (+59%) reinforce a momentum that will continue in 2026 with openings in the United States, Saudi Arabia, and Europe.

Coty's pressure following the loss of Gucci translates into a strategic expansion of the portfolio, with Jawhara as a key new project.

Generation Z and the new power of perfume

Perfume has become a cultural symbol for Generation Z. According to Boston Consulting Group, teens now account for 10% of total beauty spending in the US, with skincare and fragrance leading the way. Their beauty spending is rising 23% year over year, compared with 9% for the overall market. By age 13, 75% use scented products, and 60% of boys prefer high-end fragrances (vs. 25% of girls).

TikTok is fueling this olfactory boom with trends like #Smellmaxxing. Circana data shows that 83% of Generation Z uses fragrances, more than Generation X (79%) and baby boomers (69%). Male spending is 26% higher. In Europe, the category is growing by 15%, driven mainly by 18-34 year olds.

Young people discover perfumes through creators who send products viral until they sell out, boosting interest in niche brands and limited editions. For this generation, one fragrance isn't enough: they want an olfactory wardrobe that expresses their identity and adapts to every moment.

83% of Generation Z uses fragrances, according to Circana.

Olfactory interfaces: the future feels closer

Smell through the screen? New olfactory interfaces – diffusers embedded in digital devices – are beginning to make it possible.

These technologies will allow scent to play a central role in digital experiences: immersive events, online tastings, interactive retail and multimedia content. Companies such as Olorama (Spain), Osmo (United States) and Aromajoin (Japan) are leading efforts to translate the chemical language of scent into digital environments.

The potential is enormous: global accessibility, deeper emotional connection, and richer, more playful, multisensory experiences – all at the click of a button.

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