Core Insights - The article discusses the evolution of the fragrance market in China, highlighting the shift towards niche and artisanal perfumes as consumers seek unique personal branding through scent [3][4][8] - The concept of "scent identity" is emerging, where consumers use fragrances to establish social recognition and express individuality [3][7] - The market is experiencing significant growth, with retail sales expected to rise from 114 billion yuan in 2018 to 249 billion yuan in 2024, and projected to reach 339 billion yuan by 2028, reflecting a compound annual growth rate of 8% [8][20] Group 1: Company Overview - Ying Tong Group, established in 1987, introduced the first imported perfume to China and has since witnessed the transformation of the Chinese fragrance market [4][5] - The company has partnered with 73 external brands, with 61 holding exclusive rights, covering luxury and niche brands, making it a key player in the industry [5][10] - Ying Tong's fragrance business accounted for 80.9% of its revenue as of March 31, 2025, underscoring its role as a cash flow pillar [5] Group 2: Market Dynamics - The Chinese fragrance market has evolved through various stages, from slow growth in the 1980s to a high-quality development phase since 2015, with increasing consumer awareness and demand for premium products [6][8] - The market is characterized by competition between international and local brands, with local brands capturing 18% of the market share in 2023 [10][20] - The rise of the "scent economy" indicates that fragrance has become a necessity for consumers, with significant increases in demand for scented personal care and home products [7][20] Group 3: Strategic Initiatives - Ying Tong is focusing on building a brand matrix, identifying channel opportunities, and establishing an operational sharing mechanism to enhance collaboration across its diverse brand portfolio [12][13] - The company is expanding its retail presence with over 100 self-operated retail outlets and 8,000 retail points, alongside a robust online presence [14] - Ying Tong is also investing in its own brand, "Santa Monica," to fill market gaps and enhance competitiveness through localized product development [15][16] Group 4: Consumer Engagement - The company emphasizes the importance of creating engaging consumer experiences through innovative retail concepts like "Scent Box," which combines brand incubation and consumer education [18][19] - Ying Tong aims to target younger consumers and educate them about fragrance, leveraging digital tools for personalized marketing and cross-brand recommendations [21][22] - The company is exploring new market opportunities by collaborating with various sectors, including hospitality and smart home brands, to expand its fragrance offerings [20][21]
颖通集团：如何抓住“嗅觉经济”的风口？