WEBVTT - Fragrance Queen Discusses Embracing Diversity

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser and Bloomberg

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<v Speaker 1>Quick Takes Tim Stinovic on Bloomberg Radio. But the global

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<v Speaker 1>fragrance and perfumes market tim forecast to reach about forty

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<v Speaker 1>three point six billion is according at least to one forecast.

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<v Speaker 1>There's a lot out there and that's growing at a

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<v Speaker 1>compound annual growth rate of about three point four percent

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<v Speaker 1>from today until then. I mean, it's a massive industry

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<v Speaker 1>and continues to grow. Massive industry, a growing one. We

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<v Speaker 1>are grateful to have with us. Linda Levy, President of

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<v Speaker 1>the Fragrance Foundation. She's also known as the Fragrance Fragrance Queen.

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<v Speaker 1>She's with us Interactive Broger Studio. How did you get

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<v Speaker 1>that title? Well, it takes a lot of hard work

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<v Speaker 1>and a lot of sniffing. But I'm really happy to

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<v Speaker 1>be here. Carol and Tim, thank you for having me today. Well,

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<v Speaker 1>you know, it's funny when you were coming on, because

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<v Speaker 1>I find the fragrance industry fascinating. The are people who

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<v Speaker 1>are noses like professional? Are you a professional like? Are

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<v Speaker 1>you one of those individuals? Now? The nose term is

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<v Speaker 1>often is most often used for a perfume or someone

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<v Speaker 1>who's come through real training. I'm sort of an amateur

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<v Speaker 1>knows though. I would take that well, you know, and

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<v Speaker 1>you represent that a lot of professionals I was looking at.

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<v Speaker 1>There's tons of people. I mean everyone from Cardier, Tionelle,

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<v Speaker 1>Cody Harlem, Candle Company. We've had them on air. Um,

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<v Speaker 1>she's really cool in terms of what she's doing, l

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<v Speaker 1>v M, H new Sacks, Alt Beauty. So many these

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<v Speaker 1>are your members. Tell us a little bit about the

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<v Speaker 1>group and what they are focused on. Sure, the Fragrance

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<v Speaker 1>Foundation is actually a not for profit organization and we

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<v Speaker 1>have over one hundred members, including all that you mentioned

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<v Speaker 1>and more. We have the biggest Fragrance hounds, as we

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<v Speaker 1>have the retailers, we have the brands, and we even

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<v Speaker 1>have you know, people who contribute on a very small level.

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<v Speaker 1>I would say that what we do is try to

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<v Speaker 1>make sure that we are the go to place for

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<v Speaker 1>expertise education, We nurture talent and together. Even though many

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<v Speaker 1>our competitors, there's no competition when it comes to Fragrance,

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<v Speaker 1>so we all really share and our biggest priority today

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<v Speaker 1>is galvanizing the dustry at the Fragrance Foundation with hashtag

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<v Speaker 1>Fragrance Forward, t ff. We're just getting all of these

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<v Speaker 1>fabulous entities to work together to open up the fragrance

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<v Speaker 1>industry for diversity, equity, and inclusion. It's a big, big

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<v Speaker 1>deal for us. Well where are you starting from? Because

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<v Speaker 1>even though and I know this from the notes that

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<v Speaker 1>our producer gave us, but it's it's not an industry

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<v Speaker 1>that has a lot of diversity, despite the fact that

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<v Speaker 1>a diverse population actually buyas fragrances. This is true, and

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<v Speaker 1>that is exactly what we want to change. You know,

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<v Speaker 1>it's not just about recruiting, it's about celebrating. So we

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<v Speaker 1>started an initiative actually in no October November this year,

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<v Speaker 1>and we have united everyone. You know in a lot

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<v Speaker 1>of these big companies you're mentioning, there's hr, there's legal,

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<v Speaker 1>but there is such a spirit to make sure that

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<v Speaker 1>we make sure that those who work in the industry

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<v Speaker 1>show the diversity of the United States population. And I'm

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<v Speaker 1>positive we're going to do that. Why hasn't been diverse?

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<v Speaker 1>I always think it's going to be like a creative

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<v Speaker 1>air like fragrance would be a little bit more diverse.

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<v Speaker 1>Maybe I'm just silly and stupid, but I just why

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<v Speaker 1>hasn't it been more diverse. You're not silly or stupid.

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<v Speaker 1>I think many of us questioned it ourselves. The heritage

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<v Speaker 1>of the industry had a lot to do with gross

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<v Speaker 1>in France and a lot of perfumers, and that was

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<v Speaker 1>always the face. But as you just mentioned, there are

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<v Speaker 1>many diverse people involved with all. What I have really

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<v Speaker 1>learned is we have to get out there. So we

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<v Speaker 1>are going to go into schools and show students that

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<v Speaker 1>there is actually a course. You know, almost everything you're

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<v Speaker 1>studying could be applied to being in the fragrance industry.

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<v Speaker 1>We also have to show them people who look like them.

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<v Speaker 1>We understand. You mentioned Terry Johnson from the Harlem Candle

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<v Speaker 1>Company or my good friend Chris Collins from the World

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<v Speaker 1>of Collins. There are so many people that have established

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<v Speaker 1>brands and worked very hard to get there. So Number

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<v Speaker 1>one is getting out to tell people we want them,

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<v Speaker 1>we welcome them, we embrace them, we celebrate them, and

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<v Speaker 1>we just don't want a list of we're selling these

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<v Speaker 1>brands in the store. We want to celebrate them and

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<v Speaker 1>make sure that the entire population knows where we're going.

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<v Speaker 1>It's one thing for the independent companies to have these

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<v Speaker 1>diverse founders and you know, diverse leaders. But what about

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<v Speaker 1>the larger, more established companies like an st lawder or

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<v Speaker 1>something that's got is known for its fragrances. Well, I'm

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<v Speaker 1>glad you asked that. We now a miss Monson who

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<v Speaker 1>is the head of diversity, Equity and Inclusion that is

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<v Speaker 1>at spearheading the Estate Lauder companies. We also just had

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<v Speaker 1>a panel l v M H Huge corporation has Corey Smith,

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<v Speaker 1>who is the diversity equity and inclusion maestro. And what

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<v Speaker 1>we have gotten is these people to tell us what

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<v Speaker 1>they're doing at how they're doing it, and there really

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<v Speaker 1>are people in these companies that are dedicated to joining

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<v Speaker 1>us what it's Listen, it's just important for on so

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<v Speaker 1>many different levels. But you know, we talked about it

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<v Speaker 1>even from a business perspective, like think about the markets

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<v Speaker 1>that you're leaving at by not having a more diverse,

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<v Speaker 1>you know, point of view within your company base. I

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<v Speaker 1>can actually speak from my retailer experience. It's just prior

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<v Speaker 1>to this job which i'm in four years, I worked

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<v Speaker 1>at Macy's and actually ran the fragrance business. Our biggest

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<v Speaker 1>we over indexed in the Hispanic population. That was who

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<v Speaker 1>was buying our fragrances more than ever. And what we

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<v Speaker 1>did is we looked to see how we could really

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<v Speaker 1>translate our stories and make sure that they felt welcome

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<v Speaker 1>and that we had people in the stores talking about

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<v Speaker 1>fragrance who looked like them. What might surprise people about

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<v Speaker 1>what was going on when it comes to fragrances and

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<v Speaker 1>maybe purchases of fragrances during the pandemic. During the pandemic,

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<v Speaker 1>we were very surprised that fragrance actually became even bigger

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<v Speaker 1>and hit a wider audience. I would say there are

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<v Speaker 1>a couple of reasons. One is no one was getting dressed.

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<v Speaker 1>It's true they weren't wearing enough lipstick or using skincare,

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<v Speaker 1>but they really some of us put clothes on and

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<v Speaker 1>they just weren't spiffy clothes. But we often call it

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<v Speaker 1>the personal invisible accessory. So when you were going to

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<v Speaker 1>work and sitting on your zoom, it really felt good

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<v Speaker 1>to feel like you had an identity and personal fragrance

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<v Speaker 1>as were big. But the other thing is all about

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<v Speaker 1>the home environment. Candles, candles, candles, home diffusers, spas in

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<v Speaker 1>the bathroom there are more candles. Oh my god, I

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<v Speaker 1>do candles I like lower the Why I do the

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<v Speaker 1>whole thing, I must tell you, And it's a famous

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<v Speaker 1>story for me, But I am really and I hate

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<v Speaker 1>to admit. Never used to candle at home till the pandemic.

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<v Speaker 1>Now every night where Steve and I used to go

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<v Speaker 1>out to dinner, we now have a great bottle of

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<v Speaker 1>wine and I match it with a candle, and it

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<v Speaker 1>really creates a mood. It is transportive and it sets

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<v Speaker 1>you up for a great night. And there are twenty

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<v Speaker 1>five different brands that are out there that are soaring,

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<v Speaker 1>So candles were really big. Also, weren't you using hand sanitizers?

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<v Speaker 1>Weren't you using hand lotion? Didn't you want to put

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<v Speaker 1>some moisturizer on that really made you smell good? And

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<v Speaker 1>transport sanitizers, Tim, I've got one for you. If you

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<v Speaker 1>were to smell a fragrance that reminded you of your

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<v Speaker 1>grandmother or your father or whoever, you actually embrace that

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<v Speaker 1>fragrance more during the pandemic to transport you. Or where

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<v Speaker 1>did you go on vacation, Tim, during the pandemic? Nowhere?

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<v Speaker 1>And before that, oh before that, we went all over

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<v Speaker 1>you know, out west, but out west, it was probably

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<v Speaker 1>a fragrancy war and if you just put it on

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<v Speaker 1>it would transport you there. All right, we're gonna come

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<v Speaker 1>back with Linda Levy, she's president of the Fragrance Foundation.

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<v Speaker 1>We're going to continue this conversation right here on Bloomberg

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<v Speaker 1>Business Week. I'm Carol Masser along with Tim Stanovic. You

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<v Speaker 1>are listening to Bloomberg Radio. Alright. First of all, I

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<v Speaker 1>just have to stay behind the scenes and someday I'm

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<v Speaker 1>going to bring this out on air. Tim, just talking

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<v Speaker 1>about fragrances and candles and a sense. Okay, everybody has

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<v Speaker 1>like personal associations with different things that smell good. It's powerful,

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<v Speaker 1>literally is with that. She's president of the Fragrance Foundation

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<v Speaker 1>here in her Interactive Broker studio. You know, you pointed

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<v Speaker 1>out something though that maybe a lot of us haven't

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<v Speaker 1>thought about. But no, during COVID and people losing their

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<v Speaker 1>sense of smell, it's a big deal. It's a very

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<v Speaker 1>big deal. Prior to the pan them make the sense

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<v Speaker 1>of smell was probably the bottom of the list if

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<v Speaker 1>people said which of the senses do you most value? Vision, hearing, etcetera.

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<v Speaker 1>But when people lost their sense of smell during COVID,

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<v Speaker 1>it was monumental, and it was really a terrible thing.

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<v Speaker 1>And they also lost their sense of taste with smell.

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<v Speaker 1>So the Fragrance Foundation works very closely with the Monell

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<v Speaker 1>Institute in Philadelphia, And to make a long story short,

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<v Speaker 1>for those people, we taught them if they even went

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<v Speaker 1>into their spice cabinet and smelled three different things on

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<v Speaker 1>a regular basis a few hours apart every day, we

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<v Speaker 1>helped them get their sense of smell back to some degree.

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<v Speaker 1>There's also a new thing. Has your doctor given you

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<v Speaker 1>a test for your sense of smell? This kind of

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<v Speaker 1>thing is going to be rampant across the United States

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<v Speaker 1>because the sense of smell gives pleasure to are low,

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<v Speaker 1>for instance, but it also enhances your evening or your bathtub.

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<v Speaker 1>But the most important thing is the sense of smell

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<v Speaker 1>is really probably at the top of the list right now.

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<v Speaker 1>It's powerful. Yes, Um, So where is the industry going?

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<v Speaker 1>Because I do think there's this great evolution. I've worn

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<v Speaker 1>men's clogs like I just love this kind of I've

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<v Speaker 1>mixed oils like I I love kind of doing a

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<v Speaker 1>layering impact. But tell me about what's going on, because

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<v Speaker 1>you do feel like we talked about innovation, disruption, a

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<v Speaker 1>lot of different industries. What are you seeing? There are

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<v Speaker 1>a lot of exciting things going on. First of all,

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<v Speaker 1>in the olden days I call it, there were ladiess

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<v Speaker 1>fragrances and men's fragrances what we now call fragrances for

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<v Speaker 1>all our universal If you think about Joe Malone that

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<v Speaker 1>you like or Tom Ford that you like, they have

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<v Speaker 1>had a brand from the beginning that is not specific

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<v Speaker 1>to men or women, and that is becoming a bigger

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<v Speaker 1>and bigger trend. If you think of going in a store,

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<v Speaker 1>you go to the ladies department of the men's department.

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<v Speaker 1>That's not what the United States of America is about.

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<v Speaker 1>Everyone doesn't want to associate that way. It's not about

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<v Speaker 1>pink and blue. So universal fragrances. And if we didn't

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<v Speaker 1>tell you what it is, you would be wearing that

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<v Speaker 1>men's cologne. For instance. Another thing is ambiance, and I'll

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<v Speaker 1>lot of hotels, a lot of homes, a lot of

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<v Speaker 1>places have a scent that will associate your the West

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<v Speaker 1>End exactly. Oh my god, that what is it that

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<v Speaker 1>it's everyone has? The Nike store has something that smells

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<v Speaker 1>like the basketball. I mean, if you flashback to why

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<v Speaker 1>you remember every time you walk in that store and

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<v Speaker 1>you feel really good. It brings you a sense of

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<v Speaker 1>you know where you are today. There are so many

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<v Speaker 1>different ways of delivering um scent as well. This could

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<v Speaker 1>be a show unto itself, but right now I t

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<v Speaker 1>that's what it is. In Western I had to up

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<v Speaker 1>and they and they sell stuff like so that you

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<v Speaker 1>can have it at home or you go on vacation

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<v Speaker 1>and in the bathroom they have bulgari advert every time

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<v Speaker 1>you smell that bulgari, you think you're on vacation again.

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<v Speaker 1>So I think the transportive is a really big deal.

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<v Speaker 1>But about a move toward natural rather than synthetic smells

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<v Speaker 1>and the idea that people want to be breathing in

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<v Speaker 1>stuff that isn't necessary really harmful. I'm so glad you asked.

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<v Speaker 1>Don't forget what I'm about to say. Natural is not

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<v Speaker 1>better than synthetic. I'll give you a few reasons why.

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<v Speaker 1>First of all, what's poison ivy Think of how many

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<v Speaker 1>natural plants and items are out there that actually have

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<v Speaker 1>allergic reactions, and it goes back all the way to

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<v Speaker 1>Chanel number five. Some of that is a molecule. It

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<v Speaker 1>was a synthetic that was created. The other thing is,

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<v Speaker 1>you know, the world is changing and on planet Earth

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<v Speaker 1>sometimes something that was available whenever is not available now.

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<v Speaker 1>So the fragrance houses are able to create headspace, as

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<v Speaker 1>they call it, and they can replicate a scent like

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<v Speaker 1>you think a road smell so good, But if you

0:11:41.720 --> 0:11:44.160
<v Speaker 1>really squish that rose down, I'm being quite vulgar. In

0:11:44.200 --> 0:11:47.520
<v Speaker 1>the fragrance industry, it might not smell exactly like you like.

0:11:47.840 --> 0:11:51.400
<v Speaker 1>So the synthetic fragrances continue. And the last part is

0:11:51.800 --> 0:11:54.839
<v Speaker 1>things change in terms of regulations. What might have been

0:11:54.840 --> 0:11:58.040
<v Speaker 1>okay to be in a formulation years ago is not today,

0:11:58.080 --> 0:12:00.600
<v Speaker 1>so we have to find solutions. So I need you

0:12:00.640 --> 0:12:03.760
<v Speaker 1>to know though many people think natural is the better

0:12:04.040 --> 0:12:06.600
<v Speaker 1>or it is not always, but I do think about

0:12:06.679 --> 0:12:09.880
<v Speaker 1>skincare and makeup like I'm a big mover into cleaner

0:12:09.920 --> 0:12:12.560
<v Speaker 1>makeup and stuff. I do think about It's interesting in

0:12:12.559 --> 0:12:14.600
<v Speaker 1>a time where people are afraid to take a vaccine,

0:12:15.160 --> 0:12:18.040
<v Speaker 1>yet we'll throw products on ourselves that we really don't

0:12:18.040 --> 0:12:21.079
<v Speaker 1>know what's in it. What? How is that though impacting

0:12:21.440 --> 0:12:24.080
<v Speaker 1>your industry, it does have an impact. There are certain

0:12:24.120 --> 0:12:28.560
<v Speaker 1>consumers who absolutely want natural and absolutely want clean Sophora

0:12:28.679 --> 0:12:31.200
<v Speaker 1>is one of our big members. They actually have a

0:12:31.240 --> 0:12:34.720
<v Speaker 1>department you've seen where it's clean. Now, I'm not saying

0:12:34.760 --> 0:12:37.200
<v Speaker 1>they're worse. I'm just saying it's a matter of taste

0:12:37.200 --> 0:12:39.320
<v Speaker 1>and what are your priorities, because a lot of the

0:12:39.360 --> 0:12:43.040
<v Speaker 1>fragrances that are out there with synthetics are not in

0:12:43.080 --> 0:12:45.319
<v Speaker 1>any way inferior to those that are natural. And I

0:12:45.360 --> 0:12:47.520
<v Speaker 1>do wonder about shelf life life. I bought some oils

0:12:47.520 --> 0:12:49.600
<v Speaker 1>that are very kind of organic and stuff, but they

0:12:49.720 --> 0:12:54.960
<v Speaker 1>don't necessarily always laugh and I'm torn because then the

0:12:55.040 --> 0:12:58.680
<v Speaker 1>smell or whatever it is, it turns out I gotta

0:12:58.720 --> 0:13:02.880
<v Speaker 1>I gotta move quickly. Well, there is a shelf life,

0:13:02.880 --> 0:13:05.880
<v Speaker 1>but naturals do actually, like you say, they don't last

0:13:05.960 --> 0:13:09.040
<v Speaker 1>as long generally speaking. Did you ask I want to

0:13:09.040 --> 0:13:12.880
<v Speaker 1>ask Linda about just fragrances versus how we think about

0:13:12.920 --> 0:13:16.000
<v Speaker 1>sense uh, you know, And when Carol mentioned this the

0:13:16.000 --> 0:13:18.640
<v Speaker 1>growth of the industry when we were talking earlier, and

0:13:18.760 --> 0:13:21.120
<v Speaker 1>the massive growth that it's expected, how much of that

0:13:21.160 --> 0:13:25.080
<v Speaker 1>has to do with cologne perfume versus sense that are

0:13:25.080 --> 0:13:28.360
<v Speaker 1>added to hand sanitizer. What does the segmentation of the

0:13:28.360 --> 0:13:30.920
<v Speaker 1>market look like. Well, you're the ones with the stats.

0:13:30.960 --> 0:13:33.600
<v Speaker 1>And I usually talk about MPG giving you the data,

0:13:33.640 --> 0:13:36.439
<v Speaker 1>but I can tell you this. All of the companies

0:13:36.480 --> 0:13:40.240
<v Speaker 1>that make prestige fragrances which we've been talking about, also

0:13:40.679 --> 0:13:43.520
<v Speaker 1>make flavors and also make a sent that goes with

0:13:43.640 --> 0:13:46.880
<v Speaker 1>anything like tropic cana tastes exactly the same because of

0:13:46.880 --> 0:13:50.360
<v Speaker 1>the flavors part of these places. When it comes to sense,

0:13:50.800 --> 0:13:55.120
<v Speaker 1>I would say that at this point it really is

0:13:55.559 --> 0:13:58.679
<v Speaker 1>going to be the future. I think I lost my

0:13:58.720 --> 0:14:01.319
<v Speaker 1>train of thought. What was your question? It's just about segmentation.

0:14:01.360 --> 0:14:04.439
<v Speaker 1>But the segmentation, but lysul Or, we were talking about

0:14:04.480 --> 0:14:07.920
<v Speaker 1>the garbage can um bags that are in there. They

0:14:07.920 --> 0:14:11.240
<v Speaker 1>smell like lavender. Just about everything right now, you have

0:14:11.320 --> 0:14:13.640
<v Speaker 1>an option for a cent if you wish it. And

0:14:13.800 --> 0:14:16.280
<v Speaker 1>everyone who tells me they don't wear fragrance, they do.

0:14:16.400 --> 0:14:18.160
<v Speaker 1>You took a shower, you use soap, you put on

0:14:18.200 --> 0:14:20.520
<v Speaker 1>a lotion, you put on an oil, you shaved today,

0:14:21.160 --> 0:14:23.240
<v Speaker 1>so much fun come back. This is really we really

0:14:23.360 --> 0:14:25.840
<v Speaker 1>preach a happy holidays, Happy holidays, and get out there

0:14:25.840 --> 0:14:27.920
<v Speaker 1>and buy some fragrances. We will do that, all right.

0:14:28.000 --> 0:14:30.720
<v Speaker 1>She gave us our marching orders. Linda Levy, she's president

0:14:30.720 --> 0:14:32.640
<v Speaker 1>of the Fragrance Foundation in our studio