Sheralven is a full-service, family-owned company that specializes in sales, manufacturing and distribution of fragrances and beauty products. Drug Store News caught up with Steven Koss, president and CEO of the Brentwood, N.Y.-based company, to discuss how the fragrance and beauty categories are changing — and how Sheralven keeps pace.
Drug Store News: How large is the fragrance category? What are the current trends?
Steven Koss: According to Bloomberg, the global perfume market is $49.4 billion. In addition, the industry is growing at a rate of 5% per year. Trends in the fragrance category include, but are not limited to, natural ingredients that have sustainable benefits, personalization and affordable luxury.
DSN: As a major distributor of fragrances and beauty, what is working now and what is not?
SK: What’s working is creating new, unique items with a point of difference. Making high-quality products at reasonable prices, and bringing affordable luxury to everyone with new, recognizable brands. What’s not working is doing the same old thing. Consumer trends are important to follow and adapt to how/where they are shopping.
DSN: How is the industry changing? How does that impact retailers?
SK: The industry is changing with the growth of e-commerce and the decline of traditional retail. Every year, more and more fragrances are purchased online. Retailers are adapting by carrying smaller assortments in store, showcasing the top SKUs and offering a broader assortment online with in-store callouts to their e-commerce sites.
DSN: Describe what the future looks like for the category.
SK: The future of the category is the customer experience and product differentiation. Consumers are seeking an omnichannel approach to discover new products through social media and digital platforms. They want products and experiences that are unique with benefits that are important to them, such as socially conscious brands, effective ingredients and customizable options that fit their needs and lifestyle.