Business

Patience/family capital transformed a fragrance business, now it’s sold to a family business

Family capital likes working with family capital, as illustrated in this deal involving a fragrance business, a London-based private investment office, and an iconic family company. 

Puig is a third-generation family-owned fashion and fragrance business, and it has just bought a majority stake in Byredo, a Swedish fragrance company. But not before a family office nourished Byredo, emphasizing patience capital. 

London-based Manzanita Capital bought Byredo in 2013 and helped transform it into a business worth a reputed €1 billion in the nine years it owned it. Manzanita’s owner William Fisher is no stranger to family capital; he is the son of Doris and Don Fisher, the founders of the Gap, the hugely successful retail fashion group. Byredo was founded in 2006 by Ben Gorham. 

Nurtured by Manzanita, Byredo saw its sales more than double to €119 million, up 63% year-on-year and almost double its pre-pandemic turnover of €62 million. Terms of the Puig deal weren’t disclosed, but recent reports of a potential sale to L’Oréal cited a valuation as high as €1 billion.

In a statement on the sale, Fisher said: “Manzanita is a family run business, and Byredo has been part of our family for almost ten years. It has been an incredible journey, and we are proud that this next milestone for Byredo is being created together with another privately-owned family business who share our passion for building exceptional brands.”

Manzanita and Gorham will each keep a stake in the business. 

Meanwhile, Barcelona-based Puig should show the same nurturing care for the brand as Manzanita if the Spanish company’s history is anything to go by. More than 100 years old, Puig emphasizes the benefits of family control and how its belief in stakeholder values has guided it to the $2 billion-plus revenue business it is today. 

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