Puig acquires majority stake in Swedish label Byredo
Earlier this month, L’Oreal was reportedly set to acquire Byredo, with Estée Lauder and Puig also said to be in the running, before the latter confirmed its acquisition on Tuesday, 31 May 2022.
Whilst details of the transaction were not revealed, 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, leather goods and gender-free perfumes as well as products from its ByProduct line.
Both Gorham and Manzanita Capital will both remain stakeholders in the company, with the former continuing in his role as Chief Creative Officer.
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.”