Two weeks ago, rumors circulated in the market that Byredo would be acquired, with L’oreal Group being the most likely buyer. While the market was still anticipating the rumors to come true, a shocking turn of events occurred! Spanish fashion and beauty conglomerate PUIG issued a statement last Tuesday announcing that they had become the largest shareholder of Byredo, shaking the entire beauty industry!
The Puig Group, founded in 1914, is the largest fashion and beauty group in Spain, with a countless number of brands under its umbrella over the years. In the fashion realm, it includes Dries Van Noten, Nina Ricci, Comme des Garçons, Jean Paul Gaultier, while in the beauty, makeup, and perfume sector, it includes Apivita, Christian Louboutin Beauty, Charlotte Tilbury, and the century-old perfume brand Penhaligon’s, among others. Although its market share may not compare to the L’oreal Group, its brands have consistently followed a high-end, niche boutique route, aligning more closely with the brand DNA of Byredo.
In the acquisition statement, although both parties did not publicly disclose the specific transaction amount, it was initially rumored that L’oreal Group offered as much as 1 billion euros, so the market believes that Puig Group’s final transaction amount must be no less than 1 billion euros. After being acquired by PUIG Group, the original major shareholder of Byredo, the British fund company Manzanita Capital, will reduce its shareholding and only hold a minority stake. And Byredo’s soul figure, the brand’s founder Ben Gorham, will continue to lead the brand as Chief Creative Officer.
Many fans are worried that after the change of ownership, Byredo will bring new changes and a new style. The PUIG group has issued a “reassurance pill” to everyone, firmly stating in the statement that Ben Gorham will continue to maintain and enhance Byredo’s current position. The brand’s development direction will continue to be steered by Ben Gorham. I believe this explanation will definitely reassure loyal fans of Byredo, and they can continue to look forward to and support its future development.
