On May 14th, according to Renaud Salmon, Chief Creative Officer of Amouage, a luxury perfume company in the Middle East, the company achieved its best performance to date in the first quarter of this year, with a year-on-year sales growth of 49%.
According to the post published by Renaud Salmon, Amouage achieved robust growth above the market average in the first quarter, primarily due to the brand’s popularity, creativity, and craftsmanship.
In terms of regions and sales channels, Amouage experienced strong revenue growth in all regions and channels in the first quarter. This includes a 27% growth in Amouage boutiques, including the newly opened flagship store in the United States; a 58% growth in online sales; a 32% growth in the Middle East and Africa region; a 21% growth in travel retail; and over 100% growth in the Asia-Pacific region.
The post also points out that there was unprecedented demand for Amouage’s new products in the first quarter. The Guidance fragrance series ranked first in sales, doubling its sales compared to last year. The Secret Garden series saw a two-fold increase in sales, which Renaud Salmon attributes to the relaunch of the series and the addition of the ‘Love Delight’ fragrance. The Exceptional Extraits series saw a sales increase of over 100%, reflecting the market’s stable demand for high-concentration, high-value products.
Of note, in April of this year, there were reports that L’Oréal Group was considering a potential investment in Amouage. According to insiders cited by the media, L’Oréal Group has been in negotiations regarding the possibility of acquiring a minority stake in Amouage, but it is currently uncertain whether the negotiations will result in a deal. The reports also stated that the market valuation of Amouage has exceeded 3 billion euros.
Public information shows that Amouage was founded in 1983 and originated from the Omani royal family. The brand entered the Chinese market in 2020 and opened a flagship store on Tmall International in August 2021. In December 2023, Amouage’s first concept store in China opened in Shanghai. According to disclosed financial reports, the brand achieved a 24% annual growth rate in 2023. Over the past three years, Amouage’s annual retail sales have more than doubled, exceeding $210 million, with strong performance in the Chinese market.
