Lance Carson
Byredo is a Swedish luxury fragrance company founded in Stockholm in 2006 by Ben Gorham. In 2013, Gorham sold a majority stake of the company to London-based investment firm Manzanita Capital. In 2022, Puig, a Spanish fashion and beauty group, acquired a majority stake in Byredo in a deal worth €1 billion. Founder Ben Gorham and Manzanita Capital remain minority shareholders, with Gorham continuing his role as Chief Creative Officer.
| Characteristics | Values |
|---|---|
| Current Majority Owner | Puig |
| Previous Owner | Manzanita Capital |
| Founder | Ben Gorham |
| Year Founded | 2006 |
| Location | Stockholm, Sweden |
| Product Range | Fragrance, makeup, home, leather goods, and accessories |
| Number of Countries Sold In | 55 |
| Price Range of Perfumes | €140 to €245 |
| Price of Makeup Palettes | €62 |
| 2021 Turnover | €119 million |
| 2019 Sales | €62 million |
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What You'll Learn
Byredo was founded by Ben Gorham in 2006
Byredo is a Swedish luxury brand that was founded in Stockholm in 2006 by Ben Gorham. The company creates fragrances, makeup, leather goods, and accessories, and its products are sold in over 40 countries worldwide.
Ben Gorham, a native Swede, was born to an Indian mother and a Canadian father and grew up in Toronto, New York, and Stockholm. Byredo was Gorham's brainchild, and he named the company 'Byredo', a portmanteau of 'by redolence'. The company's first fragrance was called 'Green' and had notes of sage, orange, and musk.
In 2013, Gorham sold a majority stake of the company to the London-based investment firm Manzanita Capital, which also owned stakes in other premium beauty brands such as Diptyque, Malin+Goetz, and Space NK. However, he remained involved with the company, and in 2015, Byredo opened a second store in New York's Soho.
In 2022, it was announced that Puig, a Spanish fashion and beauty group, had acquired a majority stake in Byredo from Manzanita Capital. The deal was reportedly worth €1 billion. Despite the sale, Gorham continued his creative leadership as Chief Creative Officer, and Manzanita remained committed to Byredo's long-term growth and vision.
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London-based Manzanita Capital previously owned Byredo
Byredo is a Swedish luxury fragrance and beauty brand founded in Stockholm in 2006 by Ben Gorham. The company creates and develops a range of products, including fragrances, makeup, home, leather goods, and accessories, and is sold in over 40 countries worldwide.
In 2013, founder Ben Gorham sold a majority stake of the company to London-based investment firm Manzanita Capital. This investment company was already invested in Diptyque and Malin + Goetz and also owned Space NK. Under Manzanita Capital's ownership, Byredo expanded its product range and continued to grow, recording a 63% year-on-year increase in turnover in 2021.
Manzanita Capital was committed to the long-term growth and vision of Byredo. In an official statement, William Fisher, CEO of Manzanita Capital, expressed his pride in Byredo entering a new phase. He described the company as "another privately owned family business that shares our passion for building exceptional brands."
However, in 2022, it was announced that Puig, a Spanish fashion and beauty group, had acquired a majority stake in Byredo from Manzanita Capital in a deal worth €1 billion. Founder Ben Gorham and Manzanita Capital both remain as minority shareholders, with Gorham continuing his creative leadership as Chief Creative Officer.
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Puig acquired Byredo in a deal worth €1 billion
Puig has acquired a majority stake in Byredo, a Swedish luxury fragrance and accessories company, in a deal worth €1 billion. Byredo was founded in Stockholm in 2006 by Ben Gorham and has since expanded its product range to include fragrances, makeup, home, leather goods, and accessories. The company's products are sold in over 40 countries worldwide.
The acquisition by Puig, a Spanish fashion and beauty group, marks a new milestone in its ambition to develop a strong portfolio of purpose-driven brands. Puig's chairman and CEO, Marc Puig, expressed enthusiasm for welcoming Byredo into their family of brands, stating that Puig will contribute its expertise and resources to boost Byredo's development and current positioning.
Byredo's founder, Ben Gorham, will continue to hold a minority stake in the company and remain as its Chief Creative Officer, leading the creative side of the business. London-based investment firm Manzanita Capital, which previously held a majority stake in Byredo since 2013, will also remain a minority shareholder.
The acquisition by Puig comes after weeks of speculation about the potential sale of Byredo, with French beauty conglomerate L'Oréal initially rumoured to be the front-runner. However, Puig ultimately won the final bid, adding Byredo to its portfolio of renowned fragrance and fashion brands such as L'Artisan Parfumeur, Penhaligon's, Nina Ricci, Paco Rabanne, and Carolina Herrera.
The deal is valued at around €1 billion, reflecting Byredo's significant growth and success in the premium fragrance and accessories market.
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Ben Gorham and Manzanita Capital remain shareholders
Byredo is a Swedish luxury fragrance and beauty brand founded in Stockholm in 2006 by Ben Gorham. The company was initially driven by a single fragrance and has since expanded to include a complete range of beauty products and accessories sold in over 40 countries worldwide. In 2013, Gorham sold a majority stake of the company to London-based investment firm Manzanita Capital.
In May 2022, Puig, a Spanish fashion and beauty group, acquired a majority stake in Byredo in a deal worth €1 billion. Despite the acquisition, founder Ben Gorham and Manzanita Capital remain shareholders and are committed to the long-term growth and vision of the brand. Gorham will continue his creative leadership as Chief Creative Officer, while Manzanita Capital will remain invested in the brand's future development.
Puig's acquisition of Byredo reflects the growing demand for high-end perfumes and accessories, with larger groups increasingly acquiring niche fragrance and cosmetics labels. Byredo's unique approach to luxury, driven by emotions and high-quality materials, has fueled its success and expansion into new product categories. The brand's creative universe now includes fragrances, makeup, home, leather goods, and accessories, all contributing to its strong performance in recent years.
Ben Gorham's continued involvement as a shareholder and creative leader ensures that Byredo remains true to its founding vision of translating memories and emotions into products and experiences. Gorham's leadership has guided the brand's development and positioned it as a coveted and timeless name in the luxury fragrance and beauty space.
Manzanita Capital's decision to remain a shareholder demonstrates its long-term commitment to Byredo's success. As investors in premium beauty brands, Manzanita Capital brings expertise and financial backing to support Byredo's growth. Their involvement reinforces the confidence in the brand's potential and aligns with their strategy of building exceptional brands that stand out in the competitive beauty industry.
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Puig owns fashion labels Jean Paul Gaultier and Paco Rabanne
Byredo, a Swedish luxury fragrance company, was founded in Stockholm in 2006 by Ben Gorham. In 2013, Gorham sold a majority stake in the company to the investment firm Manzanita Capital. In May 2022, Spanish fashion and beauty conglomerate Puig acquired a majority stake in Byredo.
Puig, founded in 1914 by Antonio Puig Castelló, is a family-owned business that has expanded its brand portfolio to include a diverse range of beauty and fashion brands. It has a presence in 150 countries and employs thousands of people worldwide.
In the fashion industry, Puig is the majority shareholder of Jean Paul Gaultier and Paco Rabanne. The company acquired the Paco Rabanne fashion house in 1987, and in 2010, it became the majority shareholder of Jean Paul Gaultier, buying 45% of the shares from the French group Hermès. Jean Paul Gaultier himself sold 10% of the shares and remained as Artistic Director until his retirement in January 2020.
In addition to its fashion labels, Puig also operates in the fragrance and cosmetics sectors. It markets its products under various brands, including Nina Ricci, Carolina Herrera, and Rabanne. The company has expanded its fragrance portfolio through acquisitions such as Penhaligon's, L'Artisan Parfumeur, and Dr. Barbara Sturm.
Puig's planned IPO in 2024 aims to raise over €2.5 billion and signifies a strategic shift to embrace the dynamics of the public market and foster growth.
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Frequently asked questions
Byredo is owned by Spanish fashion and perfume company Puig, which acquired a majority stake in the company in 2022.
Byredo was founded in Stockholm, Sweden, in 2006 by Ben Gorham.
The previous owner of Byredo was London-based investment firm Manzanita Capital, which acquired a majority stake in the company in 2013.
The current shareholders of Byredo are Puig, founder Ben Gorham, and Manzanita Capital.
