The perfume industry has been around for centuries, by 2024 this market is projected to be worth $48B with a compound annual growth rate of 3.6%. Olfactory NYC is the fragrance company that understands that today’s consumer does not want to pay for a name; they want quality, personalization, and experience. Olfactory NYC allows people to create custom fragrances, with high-quality, artisanal ingredients, at its flagship Scent Shop located in the heart of Nolita. Since every perfume is bottled on-site, Olfactory NYC offers it luxurious perfumes at a fraction of the price than other artisanal brands.
AlleyWatch interviewed Joseph Vittoria about creating a modern-day Scent Shop in NYC, the future of the fragrance industry, and the company’s future growth plans.
Tell us about the product or service that Olfactory NYC offers.
Olfactory is a new concept in retail fine fragrance. Beautiful scents, bottled fresh.
How is Olfactory NYC different?
At Olfactory NYC we focus on fragrance. Using only the highest quality ingredients, sourced and created by some of the world’s top perfumers, we bottle and blend our scents fresh at our Scent Studio. We also know your fragrance is personal. Guided by our on-site scent mixologists, our customers are invited to customize their fragrances. Harnessing the genius and passion of master perfumers to create something uniquely yours, that is the Olfactory NYC experience.
What market does Olfactory NYC target and how big is it?
The $6B fragrance market.
What is the business model?
Customers are paying for an experience rather than just a product. We believe this is the future of beauty retail. By bottling on-site we are able to maintain a lean inventory model, lower waste, and reduce overstock issues, which allows us to use top perfumers, the highest quality ingredients, and offer our products at a lower price point than other artisanal brands.
What inspired the start of Olfactory NYC?
I was always interested in perfumery as a hobby and art, but it was an experience at an artisanal fragrance shop that spurred the idea for Olfactory NYC. Here there were these beautiful fragrances, beautiful ornate bottles, Latin ingredients, French descriptions, and the price tags were astronomical (I calculated that the cost of the fragrance oil was about 1% of the price tag). I began to think, how can we make this kind of fragrance more accessible and more fun.
Who do you consider to be your main competitors?
Niche/Premium fragrance brands. A sector of the market growing at 16% per year. Brands such as Byredo, Le Labo, and Atelier Cologne have some really great perfumes, but the price tag is so high. We want to make the art and beauty of this kind of fragrance more accessible.
What are the milestones that you plan to achieve within six months?
We plan to open 2 more studios in the first half of 2020. We are opening at Bryant Park Holiday Market at the end of October.
What is the one piece of startup advice that you never got?
Don’t be afraid to pivot early and often. I think the reason I didn’t get this was because everyone is tied to their own ideas, including the people who give you advice. It’s important to think about who’s advice to follow, and when to switch.
Don’t be afraid to pivot early and often. I think the reason I didn’t get this was because everyone is tied to their own ideas, including the people who give you advice. It’s important to think about who’s advice to follow, and when to switch.
If you could be put in touch with anyone in the New York community who would it be and why?
I would say the Casper founders. I’d love to pick their brain about how they created an exciting, affordable, high-quality product in an industry that had been stale for so long.
Why did you launch in New York?
The pace of New York feeds its creative vibrancy. People in New York want exciting products that serve a purpose. In my New York apartment, there is no space for a large vanity to display a set of ornate perfume bottles. When New Yorkers wear fragrance, you can’t smell the logo, they just want to smell great. New Yorkers crave differentiation and aren’t afraid to take risks. Olfactory NYC shares that ethos.
What’s your favorite restaurant in the city?
Emilio’s Ballato right around the corner from our home Studio in Nolita. It’s the best Italian restaurant in the city if you can get a table. Emilio, the owner, is an amazing guy and loves his Olfactory NYC scent.