Purchasing a business in the era of a Pandemic
CALL HIM CRAZY?!
ith Twisted Lily officially changing hands at the cusp of a worldwide lockdown in March 2020 we wanted our CEO Vicken Arslanian, founder of Europerfumes, to answer the questions many have asked over and over; here is the sneak peek into the mindset of a man with an unstoppable drive to build and create when the world seemed to be falling apart.
When most businesses were in panic mode over lockdowns, how does one decide to buy a new business, and how did the opportunity/idea arise in the first place?
I would be lying if I said that I had a master plan, and everything just fell into place. The discussions about taking over Twisted Lily started in January before Covid was an issue. I had known Eric (the former owner) for the past 20 years, and we had a great working and personal relationship. The discussions were easy, and we were both focused on what would be best for the Twisted brand and the customers. We officially took over Twisted Lily at the end of March, and at that time, the proverbial shit had just hit the fan. Since our perfume distribution business has dozens of employees and substantial daily financial commitments, I was in panic mode for THAT business. Twisted Lily wasn't even on my mind until a few months later I realized that I had just bought a retail store!
How did the consumer behavior change during the lockdowns, and how did you pivot?
There have been a million articles written about the digital shift during Covid, so I don't need to repeat all that, but I do want to express the utter amazement we all felt at the extent of it all. During the lockdown, I anticipated to be at zero sales, and I prepared for it as if I was going into battle. To my surprise, the customer came through in spades. Orders were pouring in daily, and I couldn't understand any of it. Why are people buying? Why are people buying EXPENSIVE perfume?? I still don't understand it. All I knew was that we had to ship those orders. My two daughters, my wife, and I spent the better part of three months in the warehouse shipping orders while the team worked from home. It was wonderful. A big thank you to all our customers!
What are the hardships of running a niche multi-brand business in 2021?
Well, they're the same in 2021 as they've always been. My philosophy has been to give attention to a brand, a business, an employee as if they're the main focus of my day. It's hard to do that as the brands, companies, and employees grow. Sometimes we have to say NO to make the number of all the YESes increase… but I haven't mastered that yet.
Covid forced brands to cut the fat in terms of locations and focus only on top markets. Since the US is an important market worldwide for perfume, the brands are down our throats like never before. But we love them for that!
The consumer is becoming more educated by the day and has access to an enormous amount of information and various products. How is the behavior of consumers different from 5 years ago?
Consumers are more educated today than five years ago, and that's helped us. At Twisted Lily, we're not competing on price or discounts. We'll never win that battle. Since we believe in speaking about the art of perfumery and customers today are thirsty for that information, we see great engagement. It's essential to have a dialogue with customers, whether verbally, physically, or digitally.
Most people in the niche perfume business are huge fragrance fanatics. You run one of the most successful businesses in the industry and can keep a safe distance from it; how do you manage that?
I may have to plead the fifth on this one. Here is the story; When I first started dating my wife, I was very late to one of our first dates (25 years ago!). It was 7 pm, and the last time I had sprayed my fragrance for the day was at 7 am. I used to wear Monsieur Balmain which is a typical cologne (citrus). I ran down Broadway, turned on St. Mark's street, and finally caught up to her. She was with her girlfriend, who turned to me and said, "wow..wear fragrance much?" I guess the heat generated from my running made my fragrance amplified, thus causing that comment. That's the last time I ever wore a fragrance.
A great art dealer doesn't need to know how to paint to be successful. I guess I'm a perfume dealer, and that's kept me at a distance and sane.
Vicken Arslanian, Founder & CEO Europerfumes
Europerfumes is the leading US distributor of luxury, artisanal fragrance, and candle brands, founded in 1997 by Vicken Arslanian, Europerfumes’ continued mission is to vet and source the best independent brands from all over the world.
P.S. A farewell note from the founders of Twisted Lily
A lot has changed since we opened our doors to the perfume world in 2013; the market changed, and so did we. Stamatis and I will always love fragrances, and we have met some amazing people in the past years, so we will always be grateful to the fragrance community. Vicken and I have known each other for a very long time, and the decision to pass on the fragrant torch is something I did, knowing that Twisted Lily will be in great hands. I am excited to see it grow and what comes next.
- Eric Weiser | Founder of Twisted Lily
With Twisted Lily officially changing hands at the cusp of a worldwide lockdown in March 2020 we wanted our CEO Vicken Arslanian, founder of Europerfumes, to answer the questions many have asked over and over; here is the sneak peek into the mindset of a man with an unstoppable drive to build and create when the world seemed to be falling apart.
When most businesses were in panic mode over lockdowns, how does one decide to buy a new business, and how did the opportunity/idea arise in the first place?
I would be lying if I said that I had a master plan, and everything just fell into place. The discussions about taking over Twisted Lily started in January before Covid was an issue. I had known Eric (the former owner) for the past 20 years, and we had a great working and personal relationship. The discussions were easy, and we were both focused on what would be best for the Twisted brand and the customers. We officially took over Twisted Lily at the end of March, and at that time, the proverbial shit had just hit the fan. Since our perfume distribution business has dozens of employees and substantial daily financial commitments, I was in panic mode for THAT business. Twisted Lily wasn't even on my mind until a few months later I realized that I had just bought a retail store!
How did the consumer behavior change during the lockdowns, and how did you pivot?
There have been a million articles written about the digital shift during Covid, so I don't need to repeat all that, but I do want to express the utter amazement we all felt at the extent of it all. During the lockdown, I anticipated to be at zero sales, and I prepared for it as if I was going into battle. To my surprise, the customer came through in spades. Orders were pouring in daily, and I couldn't understand any of it. Why are people buying? Why are people buying EXPENSIVE perfume?? I still don't understand it. All I knew was that we had to ship those orders. My two daughters, my wife, and I spent the better part of three months in the warehouse shipping orders while the team worked from home. It was wonderful. A big thank you to all our customers!
What are the hardships of running a niche multi-brand business in 2021?
Well, they're the same in 2021 as they've always been. My philosophy has been to give attention to a brand, a business, an employee as if they're the main focus of my day. It's hard to do that as the brands, companies, and employees grow. Sometimes we have to say NO to make the number of all the YESes increase… but I haven't mastered that yet.
Covid forced brands to cut the fat in terms of locations and focus only on top markets. Since the US is an important market worldwide for perfume, the brands are down our throats like never before. But we love them for that!
The consumer is becoming more educated by the day and has access to an enormous amount of information and various products. How is the behavior of consumers different from 5 years ago?
Consumers are more educated today than five years ago, and that's helped us. At Twisted Lily, we're not competing on price or discounts. We'll never win that battle. Since we believe in speaking about the art of perfumery and customers today are thirsty for that information, we see great engagement. It's essential to have a dialogue with customers, whether verbally, physically, or digitally.
Most people in the niche perfume business are huge fragrance fanatics. You run one of the most successful businesses in the industry and can keep a safe distance from it; how do you manage that?
I may have to plead the fifth on this one. Here is the story; When I first started dating my wife, I was very late to one of our first dates (25 years ago!). It was 7 pm, and the last time I had sprayed my fragrance for the day was at 7 am. I used to wear Monsieur Balmain which is a typical cologne (citrus). I ran down Broadway, turned on St. Mark's street, and finally caught up to her. She was with her girlfriend, who turned to me and said, "wow..wear fragrance much?" I guess the heat generated from my running made my fragrance amplified, thus causing that comment. That's the last time I ever wore a fragrance.
A great art dealer doesn't need to know how to paint to be successful. I guess I'm a perfume dealer, and that's kept me at a distance and sane.
Vicken Arslanian, Founder & CEO Europerfumes
Europerfumes is the leading US distributor of luxury, artisanal fragrance, and candle brands, founded in 1997 by Vicken Arslanian, Europerfumes’ continued mission is to vet and source the best independent brands from all over the world.
P.S. A farewell note from the founders of Twisted Lily
A lot has changed since we opened our doors to the perfume world in 2013; the market changed, and so did we. Stamatis and I will always love fragrances, and we have met some amazing people in the past years, so we will always be grateful to the fragrance community. Vicken and I have known each other for a very long time, and the decision to pass on the fragrant torch is something I did, knowing that Twisted Lily will be in great hands. I am excited to see it grow and what comes next.
- Eric Weiser | Founder of Twisted Lily
