Financial terms were not disclosed, but Givaudan said it plans to fund the transaction with existing resources.
Myrissi, which was founded in 2014, has created a patented AI technology that’s able to translate fragrances into color patterns and images, which is relevant to the consumer and predicts the emotional response of the end consumer, Givaudan said in a statement.
Fragrance and flavors suppliers increasingly are homing in on people’s emotions and well-being attributes in the creation process.
“The acquisition of Myrissi is aligned with our long-term Fragrance & Beauty strategy; their expertise in AI will support us in proposing to our customers new visual and verbal storytelling approaches to consumers. This is particularly important in a time when e-commerce is booming,” said Maurizio Volpi, president of Givaudan Fragrance & Beauty, in the statement. “Our mission will be to support our customers to evolve the smell of their products in the most inspiring way, helping consumers to choose the product that best fits their preferences.”
“We strongly believe that this is a great opportunity to expand our digital expertise in telling compelling fragrance stories that resonate emotionally with consumers,” said Muriel Jacquot, Myrissi’s founder.
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Myrissi created the link between colors, emotion and fragrances via a database of more than 25,000 consumer tests.
“This unique consumer-centric approach allows Myrissi to support the development of fragrances that fully echoes customers’ marketing briefs,” said Givaudan. “The emotional impact of a product is enhanced by avoiding the cognitive dissonances that appear when sensory messages are not perfectly consistent. The uniqueness of the product and the brand identity are therefore amplified, and this helps consumers to select a fragranced product in store or via e-commerce channels that has a higher chance to be liked.”
The acquisition is expected to close in the first quarter of 2021.
Geneva-based Givaudan last year had about 16,000 employees and posted sales of 6.3 billion Swiss francs, or $7.01 billion.
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