In 2011, students at the Samuel Curtis Johnson Graduate School of Management at Cornell University, in conjunction with Marcum LLP, a public accounting and advisory services firm, conducted a survery of the fragrance industry in the United States. The following is the second in a three-part series of articles to be published in Perfumer & Flavorist magazine in which the survey data will be shared with the reader and analyses offered. The Cornell student authors conducted this survey independently; subsequent analysis is the product of their collaboration with Kevin McGann, a partner at Marcum LLP and its fragrance industry practice leader.
The three-part series resulting from this research will examine collected data by size of surveyed company (based on revenue) and respondents' rate of growth over five years, and will offer the author's conclusions based on answers to three industry-specific questions:
- What drives growth?
- What are the key competitive challenges?
- Where are the growth opportunities?