Unilever announced an investment of 100 million euros ($80 million) to establish an in-house fragrance design and creation center, aiming to enhance its digital fragrance design and creation capabilities. The company will also recruit professional perfumers in the US, UK, and India to expand its global R&D team and strengthen its presence in the fragrance market. Notably, in November last year, Unilever’s venture capital arm, Unilever Ventures, partnered with US investment firm True Beauty Ventures to make a minority investment in fragrance brand The 7 Virtues, marking Unilever’s first venture into the fragrance sector. According to Euromonitor, the global fragrance market is expected to reach between $57 billion and $61 billion in 2024, highlighting the sector’s strong growth potential.