12/22/2011 05:58 pm ET

Celebrity Fragrances: From Lucrative To Looney

Celebrities often lend their names to a range of products, but no trend seems more popular among celebs than creating their own fragrance. Easily marketed, fragrances have a good track record of turning out impressive sales, even for some of the most random celebrity/product pairings.

The fragrance industry, which launches up to 1,000 new scents each year, suffered a significant decline in sales -- 15 percent -- between 2007 and 2009, according to NPD Group, a New York-based market research company. Still, celebrity fragrances continue to bode well compared to their designer counterparts.

According to market research firm Euromonitor International, celebrity fragrances accounted for $215 million of the $5.3 billion U.S. fragrance industry sales in 2010. For those celebrities with the right "juice," like Elizabeth Taylor's White Diamonds or Jennifer Lopez's Glow, a large chunk of the market share can be theirs with a little shameless self promotion.