Page 52 - TFWA World Exhibit 2024 Special Edition

INSIDER

Top: Travel Retail Americas Beauty Consultants
enjoying the Jimmy Choo Fragrance Discovery.
Below: The Caribbean Beauty Consultants pose
for a group photo.

can afford a fragrance at $140, $150, $160.
Many prestige brands are cutting back on
sets and other promotional offers, as well,”
he explains.
But the demand is there, says the
Essence Corp executive.
“The Caribbean local market is
really following the U.S. trends, TikTok,
Instagram, etc. and is sometimes frustrated
because many of the brands that are
performing so well in the U.S. are not
present in the Caribbean,” says Guillaume
Bona.
One brand that is booming in the U.S.,
that is present in the Caribbean, is Sol de
Janeiro, which Essence Corp is distributing.
“Sol de Janeiro is booming. It’s a real
success story. Everybody loves the brand,
and it’s doing very well in the Caribbean.”
Two other new additions to the
Essence Corp fragrance portfolio are Initio
Parfums Privés and Atkinson.
“Initio Parfums Privés is a top 10
niche brand in the U.S., created by the
same owners as Parfums de Marly, and
is doing very well,” comments Antoine
Bona. “We have listings with International
Shoppes in JFK Terminal 1, Dufry (Avolta)
in Brazil, Vancouver and Boston, among
other locations.”
“Atkinson is launching in the
Beauty trends & launches Guillaume Bona. Caribbean at Kirk Freeport in Grand
Looking ahead, the Bonas say that the “Retail sales are up; tourism is up. Cayman and also in the Dominican
business is seeing a little slowdown after The Caribbean Tourism Organization is Republic. Orders have been shipped for an
record growth of the last few years. reporting another record year, and if you October debut. It’s a beautiful fragrance,
“After three years of double-digit combine both cruise guests and tourist and it should do well,” added Guillaume
growth, we are starting to see trends in the visitors it is a plus plus. I understand that Bona.
single-digits,” Antoine Bona confirmed. Puerto Rico could double their visitors in The company is also excited about
“This is creating softer reorders among 2024 from 2023, and the Bahamas is also the new Eros Energy eau de parfum pour
some of the operators because fill rates on fire. Aruba already has 20,000 rooms, homme from Versace, with Channing
are better overall, after the uncertainty of and they keep opening new hotels. Tatum as the star of the campaign.
inventory after the pandemic.” “On the other hand, 65-70% of Between the new fragrance launches
Fragrance is still king, says Antoine Caribbean visitors come from North and its BA Seminar, Essence Corp
Bona. America, and since it is an election year in underscores its dedication to continuous
“The focus is fragrance; the focus is the U.S. and inflation in the U.S. and in the education and innovation in the luxury
niche. The focus is still on the top designer Caribbean is up, businesses are worrying. fragrance market. As the travel retail
fragrances but it also hot in the $29-$39 But so far, so good. But many fragrance industry continues to rebound, events like
price point ranges,” he notes. suppliers have increased their prices—it is these play a crucial role in maintaining
Meanwhile, Essence Corp’s business hard to find a new fragrance for less than high standards of customer service and
continues to grow in the Caribbean, says $100. Not everyone in the local markets product expertise, says the company.

October 2024 52