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Puig Buys Majority Stake in Byredo

The Barcelona-based giant prevails in one of beauty's fiercest acquisition battles.

After a week of wild speculation and inaccurate press reports, Byredo has a buyer.

Puig has acquired a majority stake in the brand founded by Ben Gorham in 2006.

The brand, which has been backed by family office Manzanita since 2013, is said to have been considering deal options since last September, when it reportedly hired Goldman Sachs to consider a deal. The transaction comes during a time of major growth in the fragrance market.

Last week, Le Figaro reported that L’Oréal was acquiring a majority stake in the brand, which sources close to the brand at the time denied.

Terms of the deal were not disclosed, but Gorham will continue as chief creative officer and Manzanita Capital will remain as a shareholder, according to a release.

“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 ithe ESG agenda,” said Marc Puig, chairman and chief executive officer, in a statement. “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 brand.”

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Gorham couldn’t be reached for comment, but sources close to the entrepreneur said he was excited about the new chapter and remains committed to steering the brand forward, a point that he emphasized during a fireside chat at the 2022 WWD Beauty CEO Summit, held in May in Key Biscayne, Fla.

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“I’m very much interested in what the next chapter is and the challenges that we as brands and companies face as we move forward,” he said.

“The brand has experienced steady and significant growth over the last 15 years and each phase has presented new challenges and opportunities,” he said in a statement. “I believe that Puig’s experience with founder-led brands in beauty and fashion will help us realize our full potential in multiple categories.”

The Barcelona-based Puig is a good fit for Byredo. Both place a high premium on the role of design in the luxury goods world, and Puig also straddles the worlds of fashion and beauty with brands including Jean-Paul Gaultier, Dries Van Noten, Carolina Herrera and Paco Rabanne. In addition to its fragrance, home fragrance and color cosmetics, Byredo markets leather goods, accessories and eyewear, and Gorham speaks often of his desire to continue expanding outside the realm of pure beauty.

In 2021, Puig recorded sales of 2.58 billion euros.

Byredo is said to have sales of more than $100 million and has been on a steady growth trajectory. Industry analysts said that a valuation of $1 billion for the brand would be reasonable. Executives from Puig. Manzanita and Byredo declined to comment on the figures, as well as the structure of the deal, but one analyst noted that Puig likes for founders to retain equity as one means of incentivizing them to stay with the brand. That is apparently the structure it followed with its acquisition of Charlotte Tilbury, and it is thought that the deal for Byredo follows a similar model.

“Manzanita is a family-run business, and Byredo has been part of our family for almost 10 years,” said William Fisher, CEO of Manzanita Capital, in a statement. “It has been an incredible journey and we are really proud that this next milestone for Byredo is being created together with another privately owned family business that shares our passion for building exceptional brands.”

FOR MORE ON BYREDO FROM WWD.COM, SEE: 

Byredo’s Ben Gorham Pushes Boundaries

Byredo’s Iconoclastic Makeup Line Is Poised to Launch

Byredo Collaborating With Lucia Pica on Makeup