Elizabeth Arden stock went crashing. Apparently, Justin Bieber had a hand

Shares of Elizabeth Arden were down more than 17 per cent in pre-market trade recently, and the culprit is a familiar pop culture figure: Justin Bieber. In the fourth quarter, Elizabeth Arden's sales fell 28.4 per cent from last year to $191.7 million.

In its earnings press release, Elizabeth Arden said: "While the company had expected weaker sales comparisons due to the lower level of fragrance launch activity in fiscal 2014 versus fiscal 2013, the decline in sales of celebrity fragrances, particularly the Justin Bieber and Taylor Swift fragrances, was steeper than anticipated."

Arden said that fiscal 2014 will be, "focused on stabilising the business," and that in the first quarter it will still be "challenged by the same factors that affected recent quarters". So Bieber isn't going anywhere.