By Elizabeth Segran.
Home scents are a $50 billion dollar industry, according to the NPD group, and scented candles are growing at a rate of 18% a year. Much of this growth is driven by millennials, who spend twice as much on self-care rituals as boomers.
Today, a startup called Otherland hits the market with aspirations to be the Warby Parker of the industry, by selling high-end candles directly to consumers. Founder Abigail Stone noticed a big gap in the middle of the market. On the high end, brands like Diptyque are able to charge $70 for a 6.6-ounce candle–and diehard fans will wait three hours in the rain to snag one during sales. Meanwhile, the Yankee Candle Company, whose candles cost between $5 and $27, dominates 46% of the market.
Read more at Fast Company.