In the late 80’s, Parfums Cacharel, a division of L'Oréal, had secured a dominating position on the European market with both the number one and number two best-selling fragrances: Anaïs Anaïs and Loulou. In 1997, with sales declining at a rate of 15% per year, Cacharel was a fragance brand in need of a major revitalization. Case A describes the two tasks facing Dimitri Kataschnias, the newly appointed manager of Cacharel. His first task was to understand the root cause of Cacharel's decline. Was it a branding problem driven by inconsistent new product launches or a failure to adapt to changing consumers? His second task was to conduct an audit of the Cacharel brand. What did it stand for? What are there tangible, signs that distinguish the brand and its advertising from its competitors? Case B contains the results of the in-depth brand audit and the three core elements that make up Cacharel’s brand identity. It asks whether the audit can be of practical use to Cacharel or whether a traditional market research approach would have provided more useful insights. It also asks whether it is wise for Cacharel to look for answers in the past and whether focusing on consumer trends might be more productive.