Private equity firm Advent International announced it has agreed to invest in niche fragrance brands Parfums de Marly and Initio Parfums Privés, owned by founder, Julien Sprecher.
Advent will acquire a majority share in the fragrance group, with Sprecher remaining as the group executive chairman, creative director and as a large minority shareholder.
The two fragrance brands look to leverage Advent’s experience within the consumer and beauty sector – which includes investments in Douglas (specialist retailer of premium beauty products, including perfumes), Dufry (global travel retailer), Orveon (owner of the BareMinerals, Buxom, and Laura Mercier cosmetics brands), and Olaplex (luxury prestige hair care brand) – to accelerate international growth and strengthen the group’s omni-channel strategy, according to a press release.
“We are delighted to have acquired a majority shareholding in Parfums de Marly and Initio Parfums Privés – two iconic and distinctive brands with creative, exciting fragrances at their heart,” said Ranjan Sen, managing partner, Advent International.
“Under Julien Sprecher’s visionary guidance, the group has established itself as a leader in niche luxury fragrance, and we see a considerable opportunity to accelerate its growth and penetration in key global markets.”
Founded in 2009, Parfums de Marly is inspired by 18th-century France, focusing on the heritage of fragrance for modern times, that honours French perfumery savoir-faire.
Founded in 2015, Initio offers singular and functional fragrances designed to “trigger an emotional and physiological response.”
The group has grown rapidly to become a leading niche perfumery house in the niche luxury fragrance segment, which represents the fastest-growth area within the sizeable USD 60 billion global fragrance market, according to Advent. The brands have a strong presence in the U.S., Europe and the Middle East.