Russia soon will be the highest value market for super premium fragrances, according to new data from Euromonitor International. The UK will lose its top spot to Russia as the highest value market in the world for super premium fragrances. The firm notes that this denotes a critical shift in global luxury consumption culture, as high net worth individuals from the BRICs set a new and dynamic pace of growth that will have significant strategic implications for the world’s leading luxury players.

The super premium scent trend ignited two years ago when London’s luxury retailer Harrods teamed with New York’s Bond No. 9 to make a super premium house fragrance, Harrods for Him and Harrods for Her, which were positioned at $230 for 100ml. In the launch year, the UK was the biggest super premium fragrances market in the world, with retail sales totaling $340 million, according to Euromonitor International data.

However, the latest (fifth) edition of the Harrods and Bond No. 9 collaboration, introduced last month under the branding Harrods Amber and priced at $400 for 100ml, is losing global traction as the trend tilts towards the emerging markets in China, Russia and Brazil. To 2015, Russia, Brazil, China, India and Saudi Arabia will make up five of the 10 biggest projected growth markets for super premium fragrances, forecasts Euromonitor.