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No one wants to smell like Justin Bieber, a fact beauty company Elizabeth Arden is learning the hard way. The company announced its largest quarterly loss in its history on Tuesday and actually laid the blame on perfumes inspired by celebrities like Bieber and Taylor Swift.
Elizabeth Arden lost $155.9 million in a three-month period that ended on June 30. According to USA Today, the company reported sales falling 28.4 percent to just $191.7 million.
For all of fiscal 2014 so far, the company is reporting a loss of $145.7 million. During the last fiscal year, the company earned a profit of $40.7 million. Sales have fallen 18.4 percent in the past year.
The company has said that retailers are buying less of its products, so they will cut distribution of many of its products “to improve pricing and gross margins.” According to The Guardian, the company also said in June that it would stop working with low-return brands, a move that turned off LG Household & Health Care, which was considering buying the company.
Elizabeth Arden also makes perfumes inspired by Britney Spears and Elizabeth Taylor.
image courtesy of INFphoto.com