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As Chartered Accountants in London, we often work with interesting brands. Today we're going to tell you a little bit about Thameen Fragrance.
TFL is an international fragrance manufacturer and B2B and B2c retailer. We took over from a prominent chartered accountancy practice to deliver the full outsourced financial controller role required for this rapidly expanding and ambitions of companies.
Having caught up with their VAT and bookkeeping arrears, we implemented modern online bookkeeping, payroll solutions with a full audit trail for their investors and management group.
Since the summer of 2016 we have helped this company reach over 100 staff per month payrolls, reach into Europe, Asia, Middle East, America, Africa and other continents, and get ready for their first statutory audits.
We automated sales data from their websites and B2b retail resellers into their bookkeeping systems thereby producing ongoing sustainable savings through this automation.
Who are they and what do they do (and how do you help them)?
Thameen Fragrance is a niche British brand that creates luxury fragrances, combining Eastern opulence with Western refinement. These unique perfumes include ingredients which have been painstakingly sourced to ensure the utmost quality and highest concentration.
They were looking for Chartered Accountants in London to help with their bookkeeping.
We provided up-to-date bookkeeping for Thameen Fragrance such as bank reconciliations on a weekly basis to deliver high-quality accounts in a timely manner. Additionally, we analysed their business performance and offered valuable advice. More information can be found here.
What are the key challenges in their market?
Thameen Fragrance operates in a highly competitive market. The fragrance industry is heavily crowded with international and designer brands; furthermore, there are nearly 4000 new launches annually. In order to maintain market share, they must continue to create innovative products while continuing to appeal to their niche.
Owing to the quality of the ingredients used in these fragrances which are often found in far-flung locations, it is difficult to source them in bulk, so their products are only produced in limited batches. However, they have so far turned this to their advantage, as the limited availability contributes to their exclusivity.
What are they getting right?
As well as the quality of the ingredients used in their fragrances, Thameen is known for its quality customer experience across their sales outlets. They also put a huge amount of effort and training into their sales staff, building enthusiasm and loyalty that translates into strong, consistent sales. This combined strategy has already yielded dividends as they have become the number 1 best-selling fragrance brand in Selfridges Oxford Street.
They were ahead of the curve by employing cost-effective social media marketing strategies to build their brand awareness with different target markets, whilst guarding their exclusivity to a handful of points of sale.
What makes them different?
Thameen’s products are competitively priced. But they are marked out by the consistently high oil concentration, which guarantees longevity of scent. Equally the structure of their fragrances is complex and unique, combining both Eastern and Western flavours, which changes over the course of the day and from person to person. Using their Carved Oud fragrance as an example, one wearer may smell the oud straight away, while another will pick out the cedar.
They insist on hiring, training, and nurturing all their own sales staff, rather than relying on agency stand-ins. They have created their own talent pipeline through this system, regularly promoting shop floor sales staff into management positions.
What’s new for 2017?
Thameen has expanded its existing fragrance range with The Cora. It's a lighter and fresher scent containing wisteria and lily of the valley. They have built on the huge success of their 2016 fragrance, Rivière, by releasing this as a Hair Fragrance. The hair fragrance range nourishes the hair as well as scenting it.
The brand has launched its first globally exclusive fragrance for Selfridges in the UK called Kiani. It provides a fresher twist on the existing range, with sandalwood, green pepper, and vetiver.