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Swiss luxury watchmaker Jaeger-LeCoultre’s latest opus is not a watch, but a series of three fragrances made in collaboration with French perfumer Nicolas Bonneville as part of its Made of Makers programme. It is the latest luxury brand to explore synergies with high perfumery as the race to attract the spend of high-net-worth individuals heats up.
During its high jewellery event in Rome in May, which marked the maison’s 140th anniversary, Bvlgari unveiled two ultra-high-end perfumes. Each one comes in a bottle blown from rare Murano glass, etched with golden details that evoke the brand’s signature serpent motif. At over $200,000 per bottle, they are the most expensive fragrances Bvlgari has ever released. “We have recognised the demand for such exclusive creations and made this coveted very high-end perfumery [category] a strategic focus,” says Laura Burdese, the house’s newly appointed deputy CEO.
It comes after French jewellery house Chaumet joined forces last year with Guerlain to present a made-to-order fragrance, bottled in gold and adorned with 336 diamonds totalling 55 carats, featuring a stopper that turned into a ring — which costs $1 million. Again, this was tied to an anniversary; Guerlain was celebrating 170 years of its iconic perfume bottle Bouquet de la Cour.
In the midst of a luxury slowdown, brands are seeking new ways to stand out while leaning into growth categories. Beauty and jewellery are proving more resilient, according to Bain’s latest report, which can be seen in the Q3 earnings so far. LVMH posted steady single-digit growth in perfumery, while jewellery sales remained strong, and Kering noted jewellery as a bright spot amid a wider sales slump.
Creating one-of-a-kind scents in statement bottles isn’t about driving sales, however. “For us, this project wasn’t about creating a new revenue stream. It was about deepening the emotional connection with our clients and offering them a unique, multi-sensory experience — by offering these fragrances as a special gift, we are enhancing the maison’s experience and extending the story of our timepieces beyond just the material world. It’s about enriching our relationship with our clients through an intimate, personal gesture,” says Matthieu Le Voyer, chief marketing officer of Jaeger-LeCoultre.
The emergence of these projects indicates that, at the highest level of the luxury market, consumers still have a strong appetite for one-of-a-kind products, and an ability to spend. Hard luxury brands are increasingly branching out into new categories: Bvlgari, for example, has been diversifying its offer with ventures into hospitality and a renewed focus on leather goods, highlighted by the appointment of Mary Katrantzou.
“More than complementing each other, [jewellery and perfumery] merge into a unique category,” says Burdese. She refers to Bvlgari’s ultra-luxury fragrances as “works of art” and says it is easy to imagine them displayed in a reception room like a painting or a sculpture (rather than being hidden in a bathroom cabinet). These projects answer customers’ “needs for individuality, emotional resonance and personal storytelling”, she explains, adding that a significant portion of clients interested in these high perfumery projects comes from the Middle and Far East.
Venturing into new product categories is a double-edged sword. If these new offerings meet or exceed expectations, they can enhance and reinforce a brand’s image. Conversely, if the perceived quality of the new products does not align with that of the brand’s core offerings, it could damage the latter’s reputation. Projects with exorbitant price tags could also attract criticism amid the ongoing cost of living crisis.
However, if done well, the storytelling opportunity is clear. “Launching innovative projects allows brands to reposition themselves, attracting new demographics, particularly high-spending consumers who value exclusivity,” says Federica Levato, senior partner and EMEA leader of fashion and luxury at consultancy Bain Co. Levato also highlights “cross-selling opportunities among their clientele”.
“Luxury brands are continuously seeking to elevate the perceived value of their creations. By expanding their expertise into less expected categories, they return to the core essence of their maison: imagining what has never been done before and executing it with impeccable craftsmanship,” says Laurent François, managing partner of creative agency 180 Global in Paris. “From a marketing standpoint, launching such projects introduces a moment of surprise and disruption, often reviving a hidden story or anecdote from a brand’s rich history.”
François also highlights how perfume and jewellery both transcend the mere practical needs of covering the body or carrying things fulfilled by fashion and handbags. “Perfume and jewellery are often vehicles of significant personal history and identity and are part of what makes us human,” he says.
For fragrance brands, it’s an opportunity to tap into a wider audience. Guerlain is at the forefront of this: as well as partnering with hard luxury brands, it has been leaning into the art world, creating an Art Basel-branded limited-edition scent, and then, during the fair, unveiling a two-litre fragrance created in collaboration with Korean artist Lee Ufan — priced at around $50,000. Clients get a series of standard-sized bottles easier to use on a daily basis as well as the option to have the scent remade once it runs out.
Such special projects allow Guerlain to reach “luxury consumers, those who appreciate heritage, craftsmanship and artistry, [alongside] a new generation of discerning individuals who crave unique and memorable encounters with brands that resonate with their values”, says Guerlain CEO Gabrielle Saint-Genis. Commenting specifically about the project with Ufan, Saint-Genis adds that it is an opportunity to “engage with art connoisseurs”.
Saint-Genis highlights the visual element of the two-litre bottle. In white porcelain, the vial is crafted by luxury French porcelain maker Bernardaud and then splashed with a stroke of green paint by Ufan. “Even without being bought, it can be discovered, viewed,” she says.
“The bottle has always been part of the fragrance experience,” says Benjamin Voyer, professor of behavioural science at London’s ESCP Business School. “By creating a six-figure perfume bottle, you’re elevating the perception of that brand’s fragrances in general, making commercial ones appear more affordable by comparison,” he adds.
Voyer says high perfumery is becoming a new category with little “direct competition”— and a bit of first-mover advantage has never hurt anyone.
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