They might come in refillable glass bottles and contain higher concentrations of fragrance oils – in some cases up to 40 per cent. Most use high-quality natural ingredients that are too unruly – and costly – for mass production. Their limited quantities, meanwhile, lack economies of scale. In a category growing at one of the fastest rates in the beauty industry – the global perfume market is set to reach $69bn by 2030 – the niche fragrance is the leader, expected to expand at a compound annual growth rate of 13.2 per cent.

— Read more in Why has perfume become so expensive?: The rise of the £250 scent at Financial Times.