Estée Lauder is looking to accelerate its strategic plan to specialise in fragrances. After experiencing 40% growth since 2019 in the fragrance segment, Estée Lauder has announced that it will open an Atelier in Paris in 2024.
ELC's main objective is to focus on fragrance innovation and enhance Estée Lauder's positioning in fine fragrance and niche fragrances. Establishing itself in Paris will help the company to accelerate development and be closer to suppliers and partners. As Stéphane de la Faverie, Executive Chairman of the Estée Lauder Companies, acknowledged: "It will give us direct access to the best creative resources, suppliers, local perfumers and industry talent."
The Atelier will enable deeper co-creation in the development of innovative products, packaging and cutting-edge concepts.
In the same press release, the group stressed that it will also focus on travel retail, a channel that has grown in recent months.
Estée Lauder in May announced a downgrade of forecasts for 2023 and a 13% reduction in sales in the first nine months of the 2023 financial year. The US cosmetics group blamed this decline on the continuing burden of the effects of the pandemic on the Asian continent.