Analysis: Trends in Global Diversification

Contact Author Kevin McGann, Emerson Wen and Mingxi Wu
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This year marks the second collaboration between Marcum, a national public accounting and advisory services firm, and the Samuel Curtis Johnson School of Management at Cornell University on a comprehensive survey of the fragrance manufacturing industry in the United States. The results and analysis of the collected data have been presented, in summary, during the 2012 World Perfumery Congress ( In this, the first of a two-part article, the authors will present the results in greater detail and offer analysis.

This year’s survey benefits from both a comparative year-overyear perspective and a higher response rate than the prior year, yielding a more data rich response set. The survey was conducted independently by Emerson Wen and Mingxi Wu, participants in the entrepreneurship program at the Samuel Johnson School of Business. The subsequent analysis is the product of their collaboration with Kevin McGann, a partner at Marcum LLP and its fragrance industry practice leader.

In the 2011 survey, the Marcum survey results were processed into data sets sorted by size of company (by revenue) and rate of growtha. For the 2012 survey, the authors preserved these categorizations of companies but overlay them in the context of globalization. This first article will examine trends in global diversification (from where does their revenue come). We seek to answer the following industry-specific questions: