On Wednesday, the world’s biggest luxury watchmaker announced that it had lost more than $7 million worth of its brand’s cologne, making it the biggest-ever loss in one of the worlds most lucrative cosmetics categories.
Baccarat, the Swiss luxury watch maker, said it had sold 1.2 million of its $7.4 million ($7.6 million in gold) Royale Cologne to a buyer in the United States who is in the process of completing a full resale of the fragrance.
The company did not disclose the buyer’s identity.
Battling a losing streakThe company is in a losing trend.
Its market share in colognes has fallen by more than 70 percent since 2011, when its brands, including Prada and Hermès, first entered the luxury watch industry.
But the company has also seen its share of the market shrink by nearly 70 percent in the past year, according to a survey by the research firm Mintel.
Last year, Baccaras brand was just 4.5 percent of the overall market for cologne, according the Mintel study.
The Royale Colognes fragrance, a light and fresh cologne that is marketed as a winter scent, is one of Baccarelli’s best-selling fragrances.
It has won more than 100 awards, including the prestigious World Cologne Award.
In 2015, the company sold nearly 4 million Royale Cognes worth nearly $2 million in the U.S. alone, according its website.
Baccarelle’s Cologes are sold at a discount at Wal-Mart, but the company does not disclose its sales figures.
Its sales in China are expected to grow as Chinese consumers flock to the luxury market.
A new perfume that Baccarlie released in 2017 is already gaining traction in China, which is expected to be the world s largest consumer market for cosmetics in 2019.
Bacchus, a luxury fragrance made by Bacchus International, is made by a company based in Spain, but is marketed by a German company.
The name Bacchuss refers to the Latin word for sun, sun.
Bacchuss International is based in Germany, where it is a subsidiary of Bacchaus International.
The luxury watch brand’s latest loss came as the company struggled to regain market share following a loss in 2016.
Blicchus earned about 4 percent of its market in 2017, down from about 11 percent in 2016, according Mintel estimates.
The company said in a statement that it is currently evaluating the cause of the loss and has made a full investigation.