Chief executive Scott Beattie and other executives from Elizabeth Arden launched Britney Spears' Curious fragrance to journalists and retailers late last week.
The first in a range of cosmetics and skincare products expected to be produced under the pop star's name over the next couple of years, Curious has been developed within three months of her signing the licensing agreement with the cosmetics and fragrance company.
Industry insiders speculated the deal was worth a minimum of US$10 million and up to US$30 million for Spears over the next five years.
Noses Claude Dir of Quest International and Ann Gottlieb of Ann Gottlieb Associates developed the perfume, which has top notes of Louisiana magnolia, a reference to Spears' home state, along with golden Anjou pear and dewy lotus flower.
The heart is of tuberose, star jasmine and pink cyclamen, while the base notes are of vanilla musk, creamy sandalwood and radiant blond woods.
The bottle and packaging were of Spears' two favourite colours, pink and azure blue, with pink heart-shaped charms topping an azure blue glass bottle.
Upon signing the agreement, Spears joined two other famous faces at Elizabeth Arden: Catherine Zeta-Jones is the face of the brand, and Elizabeth Taylor oversees the fragrances branded with her name.
Spears' fragrance is targetted at the 15 to 30 age range, a younger, more lucractive demographic than those targeted by Taylor and Zeta-Jones.
Euromonitor's IMIS account manager for cosmetics and toiletries Claire Briney pointed out in an earlier CosmeticsDesign.com article that launching fragrances at the teenage market dates back to 1996 when Nina Ricci launched La Belle de Ricci, the first premium product specifically targeted towards teenagers.
"Teenagers can spend and will spend," she added. According to Euromonitor, in 2003, the market for premium products grew by 3 per cent, and mass-market products 4.4 per cent and the growth rate for fragrance sales continues to rise.
As a whole, the fragrance industry was worth US$22.4 billion (€18.5 bn) last year, for fragrance sales alone, not including extended product lines. Of that, premium brands accounted for nearly US$15 billion (€12 bn), and products with mass-market appeal US$ 7.7 billion (€6 bn).
Pricing of the product was said to be at the moderate end of the prestige spectrum and aimed at giving as many Spears fans as possible access to the perfume. Eaux de parfum would be available in two sizes, 1.7 oz. for US$39.50 and 3.3 oz. for US$49.50.
Industry sources estimate Curious could garner US$40-50 million in sales in the US alone in its first year, putting it in the same earnings league as Glow by J Lo, launched in 2002 by Coty's prestige arm Lancaster.
Jennifer Lopez scents more success
In its first month, sales of Glow by J Lo amounted to US$18 million (€15 m), which led Lancaster to forecast US$47 million (€39 m) for the year. Even that prediction would proved to be an underestimate as sales reached that level in less than six months.
A second fragrance aimed at a more sophisticated, mature customer, Still Jennifer Lopez, followed in 2002. Lopez was said to have been involved in its development and was reportedly responsible for its unusual top note, sake.
Also announced recently was the theme of the third fragrance, which was said to be the beach. Miami Glow will go on sale next year and was described as "hot, young and beachy".