UPDATE (1st June,2022):
Puig has purchased a majority share in Byredo, the Swedish luxury fragrance and lifestyle brand that has created a cult following by selling gender-neutral scents in sleek packaging in department stores and boutiques across the world.
Puig, which owns Carolina Herrera, Nina Ricci, Paco Rabanne, Charlotte Tilbury, and Jean Paul Gaultier as well as the fragrance licenses of Christian Louboutin and Comme des Garçons, will support the direct-to-consumer brand as it builds its luxury positioning. The brand will not comment on the extent of the share or the price of the transaction.
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“We are thrilled to welcome Byredo as it perfectly reinforces Puig’s purpose of empowering people’s self-expression, and a strong and conscious commitment in the ESG agenda,” said Marc Puig, Chairman and CEO, Puig.
Byredo founder and chief creative officer Ben Gorham will remain a shareholder and continue his creative leadership, alongside Manzanita Capital, which purchased a stake in 2013.
“We are very proud and enthusiastic to partner with such a high caliber founder as Ben Gorham to join our brands ecosystem,” said Manuel Puig, VC and chief sustainability officer, Puig Manuel. “Byredo has built a culture and a tribe that people want to belong with.”
ORIGINAL STORY (23rd May, 2022) :
French cosmetics house L’Oreal is reportedly in talks to acquire high-end fragrance maker Byredo, according to French newspaper Le Figaro.
SEE ASLO : French fragrance label J.U.S debuts in Korea
On 18th May, the French news outlet stated L’Oreal, the world’s largest beauty company, is set to acquire Byredo, a luxury fragrance brand founded by Ben Gorham, now backed by British family investment fund, Manzanita Capital.
While the amount of the transaction was not disclosed, it is estimated to be based on Byredo’s valuation of one billion euros (USD 1.05 billion). Byredo has been in talks with buyers since September, the report added, including Puig and The Estée Lauder Cos.
The deal would mark the first large acquisition under L’Oréal’s chief executive officer Nicolas Hieronimus, who took the helm since May, 2021.
Since its inception, Byredo has garnered global attention for its niche scents, especially its Bal d’Afrique fragrance, which rose in popularity soon after it first launched.
In 2013, Byredo attracted financial backing from Manzanita Capital, which has helped Byredo expand into leather goods and eyewear. Most recently, the brand debuted its first color cosmetics range in 2020.
SEE ALSO : Korean fragrance market soars on pandemic blues
With international flagship stores in London, Paris and New York, Byredo currently has stores across Asia including one in Seoul, South Korea and one in Hong Kong. It also has four standalone stores in China, including Shanghai, Beijing, Hangzhou, and Nanjing, in addition to select online retailers in China and Hong Kong.