Victoria's Secret Expands Beauty with New Home Fragrance Collection
Victoria's Secret & Co. has expanded its beauty offerings with the launch of the Victoria's Secret Home Fragrance Collection. The collection, which features nine new scents, is set to capitalise on the growing global home goods market, valued at $10 billion in 2023 with a projected CAGR of 5.5% until 2032. The collection is priced to suit various budgets, starting at $19.95 and going up to $185.
The collection, launched on Wednesday, is part of Victoria's Secret's strategy to accelerate its beauty category and build on its fragrance business. Given the larger market size compared to intimates, the retailer aims to extend its emotional connection with consumers into their homes through this collection. The collection includes gift-ready products and seasonal scents, catering to consumers who consider home fragrances essential for enhancing the ambiance and aesthetics of their living spaces. Victoria's Secret & Co. has seen eight consecutive quarters of category expansion in beauty, indicating the strength of this strategic move. Typically, Victoria's Secret fragrances are priced around $79, but the home fragrance collection offers a wider range of prices to attract a broader customer base during the holiday season.
With the launch of the Victoria's Secret Home Fragrance Collection, the retailer is poised to tap into the growing global home goods market. The collection, priced affordably for the holiday season, is expected to drive further growth in the beauty category, which has been a core driver of growth for Victoria's Secret & Co. in recent quarters.
