The Scent of Desire

AS GLOBAL MAISONS AND HOMEGROWN LABELS COMPETE FOR ATTENTION, INDIA'S UNDERPENETRATED LUXURY FRAGRANCE MARKET IS TURNING INTO A BILLION-DOLLAR OPPORTUNITY

- BY PALAK AGARWAL & ASTHA CHOPRA

WHEN LADY MACBETH hopelessly proclaimed that all the opulent scents of Arabia—symbols of luxury and sensual excess—were not enough to rid her of her guilt in Macbeth, fragrance came to assume more significance in Shakespeare's dramatic universe.

It became a metaphor for power, identity, and the burden of memory. In a world far from the Scottish moors and Arabian souks, that same metaphor finds new meaning in India, where the ancient art of perfumery is witnessing a revival. Here, in the land of attars—Kannauj has been distilling scent for generations—the aromatic opulence once invoked by Shakespeare is both alive and evolving.

Luxury fragrances, once reserved for the elites and film stars, are now being claimed by a growing tribe of Indian consumers. Advisory and consulting firm Basic Roots pegs Indian fragrance industry at $2.5-billion, growing at a robust 15% compound annual growth rate (CAGR), at an inflection point. From Parisian maisons to homegrown labels, India's perfume story is being reshaped by an aspirational shift toward luxury.

Within India's fragrance industry, the luxury segment alone is a $1-billion opportunity, expanding at 9% annually, according to a report by Basic Roots. Unsurprisingly, global powerhouses are rushing in. Over the past few years, labels such as Kilian Paris and Essential Parfums have made their entry, joining established names like Bvlgari, Gucci, and Davidoff that already cater to India's rising appetite for fine scents.