PARIS – The fragrance category that has been driving beauty’s momentum continues showing muscle, with Givaudan’s strong third-quarter results and Symrise’s new Singapore scent hub.
Givaudan’s stock had surged 8.6 percent to 3,787 Swiss francs, or $4,549.75, at 1:15 p.m. CET Tuesday after the fragrance and flavors supplier’s results exceeded market expectations.
The Swiss company on Tuesday reported sales of 2.09 billion Swiss francs, up 8.6 percent on a like-for-like basis and 11.3 percent in Swiss francs in the three months ended Sept. 30 versus the same prior-year period.
The company’s fine fragrance and beauty sales came to 1.14 billion Swiss francs, up 13.5 percent like-for-like against high prior-year comparable gains of 6.8 percent. Meanwhile, sales of the taste and wellbeing branch grew 3.5 percent like-for-like against 2.1 percent in the three-month period last year.
In the wake of Givaudan’s results, shares rose for other suppliers, too, including DSM-Firmenich, up 3.5 percent to 103 euros, and Symrise, up 3.2 percent to 96.26 euros.
Also on Tuesday, Symrise said it has opened a new scent creative center in Singapore to accelerate growth in Asia, a market where perfume use is burgeoning.
The new center has been created to link consumer fragrance, fine fragrance and oral care expertise, while integrating capabilities from the group’s care and wellness, and taste, nutrition and health divisions.
“This One Symrise ecosystem combines perspectives around shared consumers and opens opportunities for multisensory solutions across categories,” Symrise said in a statement.
Source link
