Puig acquires contemporary fragrance brand Byredo
By Mimosa Spencer
PARIS – Spanish fashion and perfume company Puig announced on Tuesday that it has acquired a majority stake in luxury brand Byredo, the latest in a series of acquisitions of niche perfume and cosmetics brands by larger groups.
The deal comes as cosmetics and fashion groups rush to meet demand for high-end fragrances and accessories – a market that has performed strongly in recent months, with companies like L’Oréal seeing strong growth. sales of its luxury goods.
Barcelona-based Puig, which owns fashion brands Jean Paul Gaultier and Paco Rabanne as well as British makeup brand Charlotte Tilbury, said Byredo founder Ben Gorham would continue to lead the brand’s creative direction while the British investment fund Manzanita Capital would remain on as investors. The financial dealings of the deal were not disclosed.
French daily Le Figaro said earlier this month that L’Oreal was finalizing its plan to buy Byredo from Manzanita in a deal valuing the company at 1 billion euros. L’Oreal did not immediately respond to a request for comment.
Last year, L’Oreal’s sales were 32.28 billion euros while Puig’s sales were 2.59 billion euros ($2.78 billion).
Byredo, which was founded in Stockholm in 2006, sells candles with scents like “Woods” and “Burning Rose” for 65 euros ($69.80), as well as leather accessories and hair perfume.
LVMH last year bought Officine Universelle Buly 1803, a historic French brand relaunched in 2014 that sells perfumes, scented candles and lacquered toothbrushes, while L’Oréal bought Youth to the People, a vegan skincare company based in California founded in 2015.
($1 = 0.9313 euros)
(The story corrects L’Oreal’s annual revenue in the 5th paragraph.)