When the beauty industry is transfixed by the age-defying properties of snail slime, the origin of luxury perfume — a sperm whale’s insides — seems positively pedestrian. Fragrances, though, are one of the faster-growing elements of the personal care world, helped by their position as a gateway product for prestige brands. The global beauty market should grow at a 5 per cent annual clip through to 2030, McKinsey forecasts. Within that, fragrance is expected to grow the most consistently throughout the pricing spectrum, as sales steady after a boom period. That was driven by trends for layering multiple scents and for lighter formats such as body mists. By the end of the decade, fragrance will rival haircare as the second-biggest segment, the consultancy reckons, behind skincare but well ahead of colour cosmetics. Investing in scents isn’t straightforward. Many of the best-known names such as Dior sit in luxury powerhouses such as LVMH, whose fortunes depend far more on handbags and champagne. Beauty brands too have proven problematic. Estee Lauder is in the middle of a broader restructuring. This year’s merger talks with Spain’s Puig, which would have added significantly to its fragrance portfolio, failed. Coty, licensee of Hugo Boss and Burberry among others, is also undergoing a turnaround after its shares halved in the past year. Perhaps the sniffy attitude of many perfume leaders — self-styled world number one L’Oreal included — to breaking out their fragrance businesses for investor assessment is one reason US-listed, Paris-based Interparfums has outperformed them all so far this year. Holder of licences for Jimmy Choo, Longchamp, Coach and Montblanc, among many others, it is somewhat similar to eyewear specialist EssilorLuxottica, which is known for glasses for labels, ranging from Chanel to Miu Miu, alongside its own brands, including Oakley and Ray-Bans.