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Elizabeth Arden blames celebrities for loss
Elizabeth Arden reported its biggest ever quarterly loss due to a steeper-than-expected fall in sales of celebrity perfumes, particularly the Justin Bieber and Taylor Swift brands, sending its shares plunging as much as 25 per cent yesterday.
The cosmetics company said fourth- quarter sales fell 28.4 per cent, the sharpest in a decade, and warned that the weakness, which started about a year ago, would continue for the next six months.