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Fragrance that can be clipped onto a bag or a pair of jeans? By Far, an innovative accessories brand with a 1990s aesthetic, is launching into the beauty sector with a pledge to make fragrance more accessible and fun, particularly for its young customer base.
By Far is launching a first fragrance collection, titled Daydream, on 15 September. The brand’s accessories are now over €30 million in annual sales; founders Valentina Ignatova, Sabina Gyosheva and Denitsa Bumbarova would like to see beauty add another €10 million to that figure by the end of 2023 and account for at least 20 per cent of business.
Founded in 2016, By Far is among a handful of contemporary labels to have made an impact initially on Instagram. It’s since become established as a global brand through influential retailers including Net-a-Porter, Selfridges and Ssense.
Growth at By Far has slowed in recent years, from 50 per cent to between 20 and 30 per cent. “We’re aiming to get back on track with 50 per cent year-on-year growth — and [beauty] will help us,” says Gyosheva, who is CEO, on a call from Bulgaria where she is based.
The $55.3 billion global fragrance market is growing — up 3.6 per cent on 2021 according to research firm Euromonitor International, and predicted to reach $60 billion by 2024. However, entry into this competitive sector requires investment and a profound understanding of pricing, production and consumer preferences.
Daydream has been in the works since 2018. The seven scents play memory games with dreamy titles such as “Daydream of someone I knew”, “Daydream of passing clouds” and “Daydream of a bingo queen”. Retail prices are €120 ($130) for 100ml. By Far is also launching refillable 20ml perfume charm cases in six playful colours for €70 ($75) and an accompanying logo strap and hardware for €50 ($55). A full Daydream set is priced at €195.
Making sensory statements
A key concept of the launch is to encourage consumers to customise their own “sensory statement pieces” that can be attached to a bag or pair of jeans. “We’ve tried to reinvent the way that a consumer approaches fragrance,” says Ignatova, the brand’s chief marketing officer. “Our fragrance can also be a fashionable piece of your outfit during the day.”
Refillable prestige beauty products are on the rise: sales increased 47 per cent from January to the end of July 2022, according to the NPD Group. The strongest category growth, however, was reported in makeup where sales of refillable products rose 364 per cent from the previous year. Only 5 per cent of fragrance sales weight can be attributed to refillable packaging, with brands mostly focusing on larger sizes, says NPD.
Ignatova argues that some luxury perfumes are “too conceptual” and “not digestible” for a mainstream audience. “We were careful not to make something creative that couldn’t be integrated into a customer’s daily routine. That was important for us.”
Gyosheva acknowledges that By Far doesn’t have the brand recognition of a big luxury house but believes it can grow through “a more niche approach” and “working with the right partners who can give us visibility with the right positioning and communication”.
The fragrances are handmade in Grasse on the French Riviera and were developed by three perfumers — Fanny Bal, Jean-Christophe Hérault and Caroline Dumur — at fragrance giant IFF (International Flavors & Fragrances Inc).
Category expansion is tough for independent brands because it requires a different team with different expertise, says Gyosheva. Of the 110 By Far employees working across Bulgaria, London, Paris, Shanghai and Los Angeles, a total of 10 focus on beauty.
Ambitions for By Far’s growth are strong. A first funding round is expected to close by the end of 2022. “We're looking for a strategic partner who can help us grow the company,” says Gyosheva.
The latest analysis of By Far by Edited, a retail decision intelligence company, is positive. The brand has been selling out of a majority of SKUs across US and UK online stockists in 2022 to date, indicative of healthy consumer interest, says market analyst Kayla Marci. Handbags currently account for 58 per cent of the business, followed by shoes at 39 per cent, according to By Far.
The launch plans
At launch, Daydream will be exclusively available via By Far’s store and e-commerce site and through four retailers — Selfridges in the UK, Luisaviaroma in Italy, Wow Concept in Spain and Fwrd in the US. The launch partners were identified for their innovative approach to retail, says Gyosheva. “We cherry picked partners who we felt mimicked our approach to innovation. This is a complicated and not straightforward vision, so we needed to work with people who understood it. We looked for retail partners that are experienced with launching innovative lines and cherish areas like sustainability which are important to us.”
The launch should integrate well with Selfridges’s strong line-up of fragrances, says Laurie Field, the retailer’s fragrance buyer. “We have seen a real shift to customers wanting to invest in fragrances that are visually and creatively inspiring as well as smelling great. The colourful and playful aspect of By Far really stands out among recent fragrance launch trends, which have been more minimal in design.”
Sustainability also plays a key part in the appeal, Field adds. “By Far’s approach to refill is really unique. The line allows customers to truly personalise their product while staying true to the design codes of the accessory brand.” Another key feature of the fragrance: the oils are mixed with a vegetal alcohol that uses upcycled beetroot. The formula is also free from UV filters, synthetic colours and BHT, a stabiliser commonly found in cosmetic products.
By Far was stocked by Luisaviaroma swiftly after launch and has had impressive sell-through with its shoes and bags. Alessandra Caruso, the Italian retailer’s senior buyer and category manager for beauty, expects Daydream to perform well too. “Perfumes are becoming a more relevant signature for a fashion brand that wants to [reach] the market and communicate its DNA,” she says. “By Far has been able to develop a collection that talks to younger, dynamic girls in a playful and modern way.”
The launch campaign features a short film emphasising fantasy and daydream and starring Kendall Jenner, directed by photographer and director Charlotte Wales and set to the infectious tune of Mariah Carey’s Fantasy, a classic song from the 1990s — a decade that has been a constant inspiration for the brand. Jenner is often photographed wearing various versions of By Far’s Rachel and Amber handbags. “Since the beginning, Kendall has been a supporter and a big fan of the brand,” says Ignatova. “And we are just as big fans of her.”
Jenner has never been paid to wear any By Far product. Ignatova says that the decision to partner with Jenner was driven by the collective decision to reward a high-profile member of the brand’s community. “It’s got nothing to do with sales. I think that if you focus on this or too much transactional PR, you won’t be relevant nor succeed,” insists Ignatova. “Today, it’s about authenticity and clicking with the right individuals in your community who can also help storytell your point of view.” For the fragrance launch, By Far will work with some 1,000 influencers, selected because they are already shoppers of the brand.
Also planned is a global tour across key cities including London, Paris, Madrid and Los Angeles. Working with a local consultant in each city, the brand is identifying emerging musicians and artists to come together and create a memorable evening for its community. Content will be created around those events and shared on key social media platforms.
The UK launch event, originally scheduled for the eve of London Fashion Week, has been postponed until October alongside the city’s annual Frieze art fair. It will feature music from DJs Keyrah, Helena Star and Fauzia. “In London, [the music] is very much underground. It’s about emerging talent, and there’s a bit of reggae and soft jazz,” says Ignatova. “In Paris, it’s more hardcore and intense.”
Expect more beauty product launches soon, too, Gyosheva says. “It’s already in the works.”
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