Perfume Maker Elizabeth Arden Blames Poor Q4 Financial Results on Justin Bieber Scent
By Vittorio Hernandez | August 21, 2014 8:51 AM EST
Justin Bieber's misbehaving ways continue to haunt the Canadian singer. On Tuesday, shareprices of scent maker Elizabeth Arden tumbled down 24 per cent for its fourth quarter, while sales plummeted 28.4 per cent from the past 12 months to $191.7 million.
Pop singer Justin Bieber is escorted out of the Turner Guilford Knight Correctional Center in Miami. (Reuters)
The firm blamed its poor financial performance on the steeper-than-expected drop in sale of its Justin Bieber and Taylor Swift perfumes, causing the company not to meet its target revenue of $241,64 million.
The company's sales for the entire fiscal year 2014 dipped 13.4 per cent to $1.164 billion, over 10 per cent decline forecast by analysts.
The Justin Bieber-branded scents of Elizabeth Arden include Girlfriend, Someday and The Key, while that of Swift are Taylor and Wonderstruck.
According to the New York Post, part of the weak sales of the perfume maker is a cutback on non-essentials such as celebrity-branded fragrances by lower-income customers, but it did not discount the possibility that some fans are shunning from the perfume brands of these two celebrities because of Bieber's bratty behaviour and Swift's diva attitude.
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