BD recently reported speculation that Byredo, the luxury fragrance brand that launched in 2006, was exploring sale options.
After a week of no news, WWD has revealed that Byredo officially has a buyer who has acquired a majority stake in the brand – Puig – a third generation family-owned fashion and fragrance house business based in Barcelona.
Byredo, which sold a majority of its stake to Manzanita in 2013, is said to have been exploring deal options since September last year, when it allegedly hired Goldman Sachs to consider a deal.
Last week, reports were circulating that L’Oréal was acquiring the brand, however close sources denied the rumours. At the time, Manzanita declined to comment, saying it “does not comment on media speculation,” and Gorham could not be reached for his comment.
Terms of the deal have not been disclosed, but Byredo was recently valued at around €1bn. 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,” chairman and CEO, Marc Puig, said.
“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.”
While Gorham again couldn’t be reached for comment, sources close to him said he was excited for the new chapter and remains committed to steering the brand forward, something that he heavily emphasised during a fireside chat at the 2022 WWD Beauty CEO Summit.
“The brand has experienced steady and significant growth over the last 15 years and each phase has presented new challenges and opportunities,” he said. “I believe that Puig’s experience with founder-led brands in beauty and fashion will help us realise our full potential in multiple categories.”