Elizabeth Arden Inc. is breaking out the smelling salts in a bold move intended to awaken a “sleeping giant” with the overhaul of its flagship Elizabeth Arden brand.

“This is transformational,” chairman, president and chief executive officer E. Scott Beattie told analysts during the company’s second-quarter earnings call on Thursday, emphasizing that the effort has the potential to double the size of the Elizabeth Arden brand. It, in turn, could also double the total company’s revenue, which for 2011 was $1.18 billion.