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Puig has acquired a majority stake in Byredo, the luxury fragrance and lifestyle brand founded in Sweden that has built a cult following selling gender neutral fragrances in sleek packaging across upmarket department stores and boutiques globally.
Spanish conglomerate Puig, which owns Carolina Herrera, Nina Ricci, Paco Rabanne, Charlotte Tilbury and Jean Paul Gaultier as well as the fragrance licences of Christian Louboutin and Comme des Garçons, said it will support the direct-to-consumer brand as it develops its luxury positioning, according to a statement today. The brand declined to comment on the size of the stake and the cost of the deal.
Byredo is strengthening its beauty category with Pica appointed creative image and makeup partner.
Byredo has been steadily expanding from its fragrance beginnings in 2006, introducing leather goods in 2018 and a cosmetics range in 2020. It recently lured high-profile former Chanel makeup artist Lucia Pica as creative image and makeup partner, after the exit of Isamaya Ffrench. The acquisition of the brand, known for its Gypsy Water scents and Mojave Ghost hand wash, will “reinforce Puig’s high-end luxury positioning”.
Puig chairman and CEO Marc Puig said “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,” according to a statement. Puig sales reached €2.5 billion last year.
Alongside Manzanita Capital, which acquired a stake in 2013, Byredo founder and chief creative officer Ben Gorham will remain a shareholder and continue his creative leadership. “We are very proud and enthusiastic to partner with such a high calibre founder as Ben Gorham to join our brands ecosystem,” said Puig VC and chief sustainability officer Manuel Puig. “Byredo has built a culture and a tribe that people want to belong with.”
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