Puig has bought a majority stake in the Swedish luxury brand Byredo, founded in Stockholm in 2006 and which has a full range of beauty products and accessories sold in more than 50 countries, according to Europa Press.
The operation, the amount of which has not transpired, aims to reinforce Puig’s high-end luxury positioning “with a brand that goes beyond beauty, that has redefined luxury and that is addressed directly to the consumer,” the company reported. Spanish this Tuesday in a statement.
In this way, Puig has prevailed over the French multinational L’Oréal, which was also negotiating the acquisition of the Swedish perfume and accessories firm through an operation valued at around 1,000 million euros, as recently published by the French newspaper ‘Le Figaro’.
The president and CEO of Puig, Marc Puig, has declared that this operation “marks a new key milestone in Puig’s ambition to develop a business with a solid portfolio of brands with purpose”.
For his part, the Vice President and Head of Sustainability at Puig, Manuel Puig, stated that this Swedish company has built “not only a culture, but a community to which people want to belong”.
Founder Ben Gorham and Manzanita Capital will remain shareholders, with Gorham remaining as Head Creative and Manzanita “remaining committed to Byredo’s growth and long-term vision.”
For Gorham, Puig’s experience will help them develop their full potential, because “he has shown a competitive and disruptive approach to building businesses, very akin to Byredo’s culture.”
Manzanita Capital CEO William Fisher said that as a family business they are pleased to be joining another privately owned family business: “It shares our passion for building exceptional brands.”
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