As part of the strategy, Nina Ricci has decided to re-enter the territory of male fragrances segment with the launch of a revised range of grooming products built around contemporary values. The first among these is a new fragrance called Memoire DHomme.
Nina Ricci is now writing a new chapter in fragrance to establish its legitimacy in perfume for men, Mr Nagy said. The company also plans to extend the Nina Ricci line to accessories like belts, wallets, bags and others next year.
Mr Nagy, however, is tight-lipped on its current market share and the sales it expects to achieve for the brand next year. We believe that India offers a huge potential in the lifestyle segment in terms of value and not volumes. With the launch of this fragrance in the male perfume category we plan to consolidate our position in the premium segment.
The fragrance market in India is estimated at Rs 1,800 crore, and is growing at the rate of 20-25 per cent per year. The market is largely dominated by the grey market. The total perfume market is split into two segments: prestige/fine fragrances and mid-priced fragrances.
The Nina Ricci fragrances are high-end products targeted at the SEC A category and were launched in India in 1996. Since then, Nina Ricci has introduced both mens fragrances and womens fragrances and more recently it introduced its colour cosmetic line in select counters in India. The brand is represented in India by a marketing and distribution company called House of Baccarose.