"Fantasy" was created by Jim Krivda, and its notes are red lychee, golden quince, kiwi, cupcake accord, jasmine petals, white chocolate orchid, musk, orris root and sensual woods. It has been described as initially smelling fruity, then very sweet, showing the promised smells of cupcake and white chocolate, with a very light floral smell.
The perfume initially sold well in December. However, events in Spears' personal life in January affected sales of the perfume, with analysts reporting that people were returning holiday perfume gift sets to stores in larger numbers than expected. Sanders observed that "the timing couldn't be worse" for such a downturn in sales of the perfume, because the craze for celebrity perfumes was already declining across all fragrances, having fallen 17% to USD140million in 2006. Sales have since reportedly started to rebound according to Macy's.
In April 2007, Spears set out a paparazzi contest with the aim of promoting the perfume. In an electronic mail message sent to her fans, she asked them to "share what happens to you when the clock strikes 12", by photographing their friends. Commentators observed that Spears' requirement that photographs not contain "nudity, obscenity, or violent depictions" would rule out several photographs taken of Spears herself that contained nudity.