The global luxury perfume market is valued at $14.9 billion in 2023, with this figure predicted to increase to $24.3 billion by the end of 2033. For fragrance brands and companies, the sector's growth is causing various opportunities to thrive. Utilizing the increase in luxury fragrance to its benefit, Estée Lauder Companies (ELC) has revealed it is establishing an atelier in France to further accelerate its ambitions in luxury and prestige fragrances.

The atelier is scheduled to open by the end of 2024 and will support ELC's existing fragrance sales. The news came shortly after the company reported  its fragrance business has delivered ten consecutive quarters of at least double-digit organic net sales growth through fiscal year-end 2023.

"We are thrilled to announce the establishment of our new Atelier," says Stéphane de La Faverie, Executive Group President of Estée Lauder Companies. "Serving as an innovation enabler across our fragrance portfolio, its location will give us direct access to some of the best creative design resources, industry talent, and local suppliers and perfumers to help continue to accelerate our momentum in this exciting category."

The Paris-based atelier is said to be exclusively focused on fragrance innovation and craftsmanship, providing holistic support for ELC's fragrance portfolio (which includes Jo Malone London, Tom Ford, and Le Labo), as well as the company's ingredient suppliers, manufacturing network, and other fragrance house collaborators. The brand believes that the new opportunity will help to enable deeper cocreation and collaboration with its external partners, allowing for breakthroughs in the fragrance, packaging, and concept innovation sectors of the industry as well as a quicker house-to-market turnaround.

"ELC's continued commitment to its long-term fragrance strategy is built on this extraordinary heritage of creativity and innovation.The power of the Company's fragrance portfolio, bolstered by the strategic support of the atelier, positions the Company well to drive future growth and value in this dynamic and fast-growing category, enabling ELC to continue to deliver exceptional luxury and prestige fragrances to consumers worldwide," concludes Fabrizio Freda, President and CEO.