A cosmetic company Elizabeth Arden blamed Justin Bieber and Taylor Swift for stinking up financial results in the latest quarter, causing the ‘biggest quarterly loss in the company’s history.’
The loss caused the beauty giant’s stock drop nearly 25 per cent, before the company issued a statement specifically pointing out the duo’s signature scents on Tuesday (August19).
The company said in a statement:
The decline in sales of celebrity fragrances, particularly the Justin Bieber and Taylor Swift fragrances, was steeper than anticipated.
The company posted a loss of nearly $156 million in the past quarter, as well as a loss of $146 million for the the fiscal year ending June 30.
Elizabeth Arden carries JB’s scents, Someday and Girlfriend.