Swiss privately-owned perfume and taste company, Firmenich, has signed a strategic agreement with Chinese beauty retailer, Harmay, to expand the fine fragrance category in China.
Under the agreement, the two companies will develop new fragrance brands, concepts, experiences and models, Firmenich said. The partnership with Harmay follows the opening of Firmenich’s customer experience studio in Guangzhou, the company’s first integrated sensorial centre in South China.
“After more than 30 years of successful operations in China, this partnership with Harmay serves as a significant enhancement to our capabilities in China and fortifies our ambitions as the partner of choice in the Chinese market,” said Ilaria Resta, president of global perfumery at Firmenich.
“This will pave the way for more growth in the Fine Fragrance industry both within China and globally,” said Olivier Viejo, head of fine fragrance at Firmenich China.
Founded in 2008, Harmay is known for its warehouse retail concept with unique store designs, offering premium beauty, skincare, fragrance and lifestyle products through its online and offline stores. Featuring a distinctive customer experience, the brand is popular among Gen Z and millennial customers.
“China is projected to be the new frontier of the global fine fragrance market, with many local brands emerging and a significant increasing usage among consumers, especially with Gen Z,” said Jason Ju, co-founder of Harmay.
Firmenich launched the first Fine Fragrance Atelier in China in 2019 and was the first business model that provides easy access to all fine fragrance capabilities under one roof for local and international customers. According to Euromonitor, the compound annual growth rate of China’s fragrance market is expected to reach 22.5 over the next five years. By 2025, China’s perfume sales are estimated to reach US$4.7 billion.