By Mimosa Spencer
PARIS – Spanish style and fragrance firm Puig stated on Tuesday it has bought a majority stake in luxurious label Byredo, the newest in a string of acquisitions of area of interest perfume and cosmetics labels by bigger teams.
The transaction comes as cosmetics and style teams rush to fulfill demand for high-end perfumes and equipment — a market that has carried out strongly in latest months, with firms like L’Oreal flagging sturdy development in gross sales of its luxurious merchandise.
Barcelona-based Puig, which owns style labels Jean Paul Gaultier and Paco Rabanne in addition to British make-up model Charlotte Tilbury, stated that Byredo founder Ben Gorham would proceed to steer artistic course of the model whereas UK-based funding fund Manzanita Capital would keep on as buyers. Monetary transactions of the deal weren't revealed.
The French each day Le Figaro earlier this month stated that L’Oreal was finalizing plans to buy Byredo from Manzanita in a deal that valued the corporate at 1 billion euros. L’Oreal didn't instantly reply to a request for remark.
Final 12 months, L’Oreal gross sales got here to 32.28 billion euros whereas Puig gross sales have been 2.59 billion euros ($2.78 billion).
Byredo, which was based in Stockholm in 2006, sells candles with scents like “Woods” and “Burning Rose” priced at 65 euros ($69.80), in addition to leather-based equipment and hair fragrance.
LVMH final 12 months purchased Officine Universelle Buly 1803, a historic French label relaunched in 2014 that sells perfumes, scented candles and lacquered toothbrushes, whereas L’Oreal bought Youth to the Folks, a California-based vegan skincare firm based in 2015.
($1 = 0.9313 euro)
(The story corrects L’Oreal annual gross sales determine in fifth paragraph.)
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