Europe Consumer Products: Fragrance's Next Growth Wave

The report analyzes the shifting landscape of the European premium fragrance market, emphasizing the transition from easy post-Covid growth to a strategy centered on high-impact product 'blockbusters.' Analysts identify L'Oréal, Puig, and Interparfums as key beneficiaries with significant re-rating potential.

Key Takeaways

• 1.Fragrance market growth is normalizing to 3.5%, making industry performance increasingly dependent on the creation of new 'blockbuster' pillars rather than category tailwinds.
• 2.L'Oréal, Puig, and Interparfums are highlighted as companies with significant re-rating potential due to their robust product launch pipelines.

Table of Contents

• Fragrance's next growth wave: back to blockbusters
• Fragrances in 6 Key Charts
• Blockbusters have long been a durable growth engine
• Blockbusters will drive the next wave of fragrance growth
• Valuation and risks
• Interparfums SA, Buy, €35 12m price target
• Disclosure Appendix

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