Puig acquires majority stake in Byredo

Following weeks of speculation, Spanish fragrance giant Puig has won a bid to acquire a majority stake in Swedish fragrance and accessories company Byredo.

Earlier this month, L’Oreal was rumoured to be acquiring Byredo, with Estée Lauder and Puig also said to be in the running, before the latter confirmed its acquisition on Tuesday afternoon, 31 May 2022.

Details of the transaction have not been publicly disclosed, however recent reports of a potential sale to L’Oréal cited a valuation as high as £851 million (€1 billion).

Founded in 2006 by Ben Gorham and acquired by UK investment firm Manzanita Capital in 2013, Byredo is known for its minimalist branding and gender-free perfumes with popular products including the “Gypsy Water” perfume and “Bibliothèque” candles.

Both Gorham and Manzanita Capital will both remain stakeholders in the company, with the former continuing in his role as Chief Creative Office.

The news marks an addition to Puig's portfolio of fragrances including L’Artisan Parfumeur and Penhaligon’s, and the group’s first foray into owning a modern fragrance house which will add value to its direct-to-consumer business and global commercial growth.

Commenting on the acquisition, 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. Puig will contribute our expertise and resources to the development of this unique brand, which represents modern luxury with a strong consumer connection. This new acquisition marks a new key milestone in Puig’s ambition to develop a business with a strong portfolio of purpose-driven brands.”

Gorham added, “I really believe that Puig’s experience with founder-led brands in beauty and fashion will help us realise our full potential in multiple categories. Puig has demonstrated a competitive and disruptive approach to building businesses — something that truly resonates with the culture that is Byredo.”