By Stephanie Walker, MBA in International
Luxury Brand Management 2014-2015, USA/UK
What does it take to master the management
of luxury fragrances in the market today and with so many scents, what is the
key to building an icon? In January, the MBA Luxe class of 2014-2015 was able
to discover the answers to both of these questions and more as we experienced
the first of the sector specific elective workshops for the year.
A two day seminar, focused on the
management of luxury fragrances, this elective course exposed our class to all
of the aspects of the perfume market today as well as provided the students
with an in-depth look at the history of scent and how some of the top players,
such as Guerlain, Parfums Christian Dior and Chanel, have evolved their scents
and messaging over time.
Our class was also treated to experience
the world of the luxury fragrances discussed in class as each student was
invited to experience the perfumes and brand materials first-hand. During these
discussions, the class was introduced to the notes that the fragrances
contained as well as how the specific notes of the fragrance relate to each
other as well as how they tie back to the key message of the scent for the
brand. For example, amber notes, like vanilla in Guerlain’s Shalimar, relay a
soft and powdery scent and provide a seductive and sensual experience for
women.
On the second day, the students welcomed
the L’Oreal Luxe team into the classroom.
L’Oreal presented the class with
thorough insight into the performance of their fragrances in the various
markets around the world (US, Europe, Asia, etc) and following the
presentation, challenged the students with an elaborate case study to develop,
position and market a new fragrance for a top L’Oreal brand.
After a few hours of deliberation and
dedication, our class returned to the classroom that same day to present our
concepts. It was such an honor to be afforded not only the opportunity to work
on a real case for the L’Oreal Luxe Division but also the chance to relay our
ideas first hand and receive constructive feedback from this team of experts.
