Luxury sales help boost The Fragrance Shop results

Luxury sales help boost The Fragrance Shop results

The Fragrance Shop has reported a 7 percent rise in turnover for the year ending 31 March, 2017, to £112million, boosted by high demand for luxury scents and the company’s continued store expansion.

Having reported a 5 percent rise in like-for-like sales, The Fragrance Shop’s overall sales rose 11.9 percent. Online sales posted a booming 34 percent rise during the 12 month period. 

Sanjay Vadera, Chief Executive of the Fragrance Shop, said, “We have achieved outstanding like-for-like sales growth for another year as a result of listening to our customers and giving them what they are asking for. An expanding range of accessibly priced luxury fragrances, being first to market with exclusives, the best possible retail experience and an expanding store portfolio.
“Our latest trading figures also demonstrate the resilience of the fragrance sector with luxury perfumes like Dior Sauvage by far the top-performing scents.”

The company is also planning to continue its store openings with its 200th store planned for this fiscal year, alongside a partnership with 28 store concessions within House of Fraser shops.

Alongside the new store openings the company is also set to launch a new subscription service, Scentaddict, which, while still currently in test stage, will eventually allow consumers to test luxury scents on a monthly basis.        

Vadera continued, “This year we will continue to expand our store portfolio and… we will also unveil our new ‘scentaddict’ subscription service, currently in beta testing, which will allow customers to try luxury scents monthly with no commitment.
“Early indications have shown us that new launches will perform positively for us in 2018, such as Missguided’s debut scent Babe Power, which has been the fastest selling debut female fragrance this year.”