Fragrance’s next growth wave: back to blockbusters

研报英文原文证据摘录

Fragrance’s next growth wave: back to blockbusters

Equity Research

17 June 2026 | 4:47AM BST

EUROPE CONSUMER PRODUCTS

As fragrance growth normalises, performance will depend less on category tailwinds and Aron Adamski

+44(20)7774-6224 |

more on the ability to create new blockbuster pillars. L’Oréal (Buy) remains the execution aron.adamski@gs.com

Goldman Sachs International

benchmark, but we see clear re-rating potential in Puig (Buy) and Interparfums (Buy).

Olivier Nicolaï

+44(20)7774-2895 |

Fragrance is an offer-driven category, with demand disproportionately shaped by olivier.nicolai@gs.com

new formats, scents and activations that drive trial. Growth was easier to achieve in

Rebecca Ayo-Adebanjothe post-Covid cycle as the consumer base expanded and usage frequency +44(20)7552-2213 | rebecca.ayo-

increased. We still expect penetration gains, but as category growth normalises to adebanjo@gs.comGoldman Sachs International

3.5% in Q1 and competition intensifies (6,000 launches in 2025 versus 2,500 in Sam Darbyshire, CFA

2019), growth will increasingly depend on launches that can become new pillars. +44(20)7051-9112sam.darbyshire@gs.com|

Over the next three years, we expect Puig to launch blockbusters for Rabanne and Goldman Sachs International

Jean Paul Gaultier and to scale La Bomba; Interparfums to build new pillars across its Tom Hulls +44(20)7774-7641 | tom.hulls@gs.com

four largest brands alongside the debut of Longchamp; and L’Oréal potentially to Goldman Sachs International

introduce a new Armani pillar and to develop the Kering Beauty franchise. Srikar Medisetti

+1(332)245-7675 |

srikar.medisetti@gs.com

Blockbusters have long been a durable growth engine, even before the recent Goldman Sachs India SPL

supercycle.