After months of rumors about Byredo being purchased by L’Oréal, it turns out that Spanish based Giant – Puig – Buys Majority Stake in Byredo.
Puig has acquired a mojority stake in Byredo, which was founded in 2006 by Ben Gorham.
Byredo has expanded from fragrances and leather accessories into a comprehensive collection of makeup, candles, and even wearables, issuing premium sunglasses and clothing through its By-Product sub-brand. Quirky projects like a speaker-inspired diffuser and scented lamp have underscored Byredo’s indifference towards the typical oeuvre expected of the average beauty label. In fact, its output is so varied that Byredo better fits into the “lifestyle” category.
“Puig will contribute our expertise and resources to the development of this unique brand, which represents modern luxury with a strong consumer connection,” Marc Puig, Puig Chairman and CEO, said in a statement.
“I really believe that Puig’s experience with founder-led brands in beauty and fashion will help us realize our full potential in multiple categories,” Gorham continued. “Puig has demonstrated a competitive and disruptive approach to building business – something that truly resonates with the culture that is Byredo.”
It’s a good time to be Byredo, which has enjoyed massive growth over the past few years, almost doubling its pre-pandemic profits according to analysts over the past year.
Puig isn’t doing too shabby itself, touting €2.5 billion in revenue for 2021, a 68% increase over 2020 that gives the Spanish conglomerate the confidence to declare estimated revenue of over €3 billion for 2022.