Taking a hit: Jo Malone saw profits fall 15.7 per cent to £24.4 million in the year to June 2023
Even Jo Malone’s well-heeled clientele is turning its nose up at £300 candles in the cost-of-living crisis.
The fragrance brand, owned by Estee Lauder, saw profits fall 15.7 per cent to £24.4 million in the year to June 2023.
The business blamed pressure from inflation which has hit demand and pushed up costs.
But the company also warned that ‘volatility and variability’ in the retail sector was likely to persist for some time to come because of pressures on global supply chains.
Jo Malone faces competition from similar fragrances costing far less.
Its Pomegranate Noir four-wick luxury candle, which burns for 220 hours, costs £370.
A three-wick Pomegranate candle from M&S’s Library of Scent range, which admittedly burns for only 40 hours, costs just £17.
An M&S reed diffuser retails for £8 for 100ml while Jo Malone’s Pomegranate Noir diffuser costs £74 for 165ml.
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