Byredo CEO hands over management to Puig
The CEO of Byredo, Nicolas Cordier, has handed over the brand's management to its parent company, Puig.
Cordier confirmed the news in a post on LinkedIn, outlining his achievements since joining the business in 2020 to "scale up, sell, integrate and hand over Byredo to the next shareholder".
During this time, he tripled global net revenues and delivered double-digit EBITDA. He also multiplied the beauty brand's own e-commerce sales by 10 and opened 50 profitable standalone boutiques.
After helping with the M&A process, led by Manzanita & Goldman Saks, Byredo was then sold to Puig in May 2022 with a reported company valuation of over €1 billion.
Cordier remained at the business to "transfer global travel retail and Spain, Italy, Saudi Arabia, United Arab Emirates distributor markets to Puig". He also helped to establish group subsidiaries in Japan and Korea.
"After three and a half years, having completed my mission, I hand over the management of Byredo to Puig," said Cordier.
"Thank you Manzanita, Ben Gorham, Puig and my incredible team for what has been an intense and exciting ride."
Founded in 2006 by Ben Gorham, Byredo is known for its minimalist branding and gender-free fragrances, as well as premium makeup and bodycare products.