Cash is not the only currency spent on niche fragrances, which often need time to mature. Amouage’s approach to the aging process makes liberal use of both, which chief creative officer Renaud Salmon said is a non-negotiable part of their process...

Since this step ties up working capital by requiring storage space, and results in inventory remaining unsold for months, it pushes up the cost of the perfume, as does Amouage’s propensity to offer higher concentrations of fragrance concentrate than most houses, with some going up to 30 percent or more.

“From my experience creating for other luxury brands, this number is at least ten times higher than what is typically allowed,” Salmon said.

— Read more in How Niche Perfumers Pay to Win at Business of Fashion.