The perfume business suddenly stinks -- and it's all Taylor Swift and Justin Bieber's fault! Elizabeth Arden, one of the world's biggest fragrance makers, saw its stock go into the tank (Tuesday), with shares dropping nearly 25 percent in value.
Execs blame wildly unsuccessful scents from the two singers. In explaining a sales drop of nearly 50 million bucks, the company said, "The decline in sales of celebrity fragrances, particularly the Justin Bieber and Taylor Swift fragrances, was steeper than anticipated."
Bieber’s Arden-made scents include Girlfriend, Someday and The Key, while Taylor Swift peddles Taylor and Wonderstruck. Source: New York Post