The Colombian singer will develop a range of beauty products and fragrances with Spain-based Puig Group. Shakira will have significant input in the creation and development of the range, according to the company "Shakira will develop, with a dedicated team, the creation of the product line from inception to completion," stated the Puig Group. Spain and Latin America The Puig Group has significant influence in the Spanish and Latin American markets and many of the names behind its product ranges are well known Spanish or Latin American figures. Actor Antonio Banderas has a brand that has been part of the company's portfolio for ten years and now includes a range of six fragrances. In addition, Venezuelan fashion designer Carolina Herrera's brand is also one of the company's well known ranges along with the Nina Ricci brand. Celebrity fragrances The market for celebrity fragrances and celebrity endorsed products shows no signs of abating, although a number of industry insiders have predicted a slowing of the trend. Euromonitor analyst Diana Dodson explained the reasoning behind the trend: "By riding on an established image with a pre-existing consumer base, fragrance makers can cut back on marketing, an important saving in a launch-heavy sector that involves high innovation costs." Elizabeth Arden has recently benefited from the celebrity trend, citing Mariah Carey's M fragrance as helping to offset declining North American sales and Britney Spear's fragrance has also boosted the company's profits.