What: Perfumes with eye-watering price tags are becoming more common, as the boundaries between fragrance, luxury and art continue to blur.

Why it is important: In the midst of a luxury slowdown, brands are seeking new ways to stand out while leaning into growth categories. Beauty and jewellery are proving more resilient, according to Bain’s latest report, which can be seen in the Q3 earnings so far.

Luxury brands like Bvlgari, Jaeger-LeCoultre and Chaumet have recently launched fragrances in collaboration with high-end brands like Guerlain and Nicolas Bonneville among others. Creating one-of-a-kind scents in statement bottles, brands are deepening the emotional connection with their clients by offering them a unique, multi-sensory experience. The emergence of these projects indicates that, at the highest level of the luxury market, consumers still have a strong appetite for one-of-a-kind products, and an ability to spend. For fragrance brands, it is an opportunity to tap into a wider audience while luxury brands seek to reinforce their image.

Why luxury brands are launching ultra-expensive fragrances