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This article was originally published in The Rose Sheet

Executive Summary

Swiss fragrance and flavors company recently introduced Cosmone, a "novel" fragrance ingredient described as an "intensely rich, powerful and elegant musk," firm announces in first quarter earnings release. Slow retail sales during the 2008 holiday season in North America and Europe led to destocking of fine fragrances in the quarter, resulting in a decline in total fragrance sales of 10.4 percent (5.4 percent in local currencies) to $382.3 million (CHF1=$.87), company reports. Lack of consumer confidence and reduced travel is likely to impact fine fragrance sales throughout 2009, firm notes. Net sales for the period declined 7.3 percent (2.6 percent in local currencies) to $850.7 million, Givaudan reports. Despite first quarter performance, Givaudan expects its total fragrance and flavors businesses will outgrow the underlying market

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