Action Items: Keys to Success and Competitive Challenges for Fragrance Manufacturers of All Sizes

Contact Author Kevin McGann, Marcum LLP; with research and analysis by Shan Chen, Eva Yee Wong, Lani Shufelt and Adam Burke, Samuel Curtis Johnson Graduate School of Management, Cornell University
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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 survey of the fragrance industry in the United States. The following is the third and final part in a series of articles published in Perfumer & Flavorist magazine in which data, analyses and conclusions are shared. 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 has examined collected data by size of company (based on revenue) and respondents’ rates of growth over five years, and will now offer the authors’ conclusions based on answers to three industry-specific questions:

  • What drives growth?
  • What are the key competitive challenges?
  • Where are the growth opportunities?