To obtain the Vogue Business e-newsletter, signal up right here.Puig has acquired a majority stake in Byredo, the luxurious fragrance and way of life brand based in Sweden that has constructed a cult following promoting gender impartial fragrances in modern packaging throughout upmarket department shops and boutiques globally. Spanish conglomerate Puig, which owns Carolina Herrera, Nina Ricci, Paco Rabanne, Charlotte Tilbury and Jean Paul Gaultier in addition to the fragrance licences of Christian Louboutin and Comme des Garçons, stated it would assist the direct-to-consumer brand because it develops its luxurious positioning, in line with a press release as we speak. The brand declined to touch upon the dimensions of the stake and the price of the deal.Byredo has been steadily increasing from its fragrance beginnings in 2006, introducing leather-based items in 2018 and a cosmetics vary in 2020. It lately lured high-profile former Chanel make-up artist Lucia Pica as artistic picture and make-up associate, after the exit of Isamaya Ffrench. The acquisition of the brand, identified for its Gypsy Water scents and Mojave Ghost hand wash, will “reinforce Puig’s high-end luxurious positioning”.Puig chairman and CEO Marc Puig stated “we’re thrilled to welcome Byredo because it completely reinforces Puig’s objective of empowering folks’s self-expression, and a powerful and acutely aware dedication in the ESG agenda,” in line with a press release. Puig gross sales reached €2.5 billion final 12 months.Alongside Manzanita Capital, which acquired a stake in 2013, Byredo founder and chief artistic officer Ben Gorham will stay a shareholder and proceed his artistic management. “We are very proud and enthusiastic to associate with such a excessive calibre founder as Ben Gorham to affix our manufacturers ecosystem,” stated Puig VC and chief sustainability officer Manuel Puig. “Byredo has constructed a tradition and a tribe that folks need to belong with.”Comments, questions or suggestions? Email us at [email protected] from this writer:Botter, Peter Do and Ottolinger amongst Andam 2022 finalistsBurberry and Harrods urge UK authorities to reintroduce tax-free purchasingWeb3 remains to be elusive. Web2.5 could also be a safer choice
https://www.voguebusiness.com/magnificence/puig-snaps-up-majority-stake-in-cool-swedish-fragrance-brand-byredo
