The Spanish fashion and cosmetics group Puig SL has further expanded its portfolio. The group, which already owns well-known brands such as Carolina Herrera, Nina Ricci, Paco Rabanne, Jean Paul Gaultier and Dries Van Noten, announced on Tuesday that it had acquired a majority stake in the Swedish label Byredo. Details of the transaction were not released.
The Stockholm-based company, which offers cosmetics, fragrances and accessories, was founded in 2006 by Ben Gorham. Puig announced that Gorham will continue to determine the direction of the brand as Chief Creative Officer after the takeover and will remain involved in the company. British financial investor Manzanita Capital, which acquired a majority stake in Byredo in 2013, will also retain a minority stake.
Chairman and CEO Marc Puig described the acquisition as a “decisive milestone” for the group’s strategic ambitions. Byredo is “a unique brand” that embodies “modern luxury with a close connection to customers” and has distinguished itself through a “strong and conscious commitment to ESG criteria”. The Puig Group will now “contribute its knowledge and resources” to further promote the development of the label.