Family owned fashion and fragrance business Puig has acquired a majority stake in Stockholm-founded luxury label Byredo.

In a statement, Puig says the move for Byredo ‘will reinforce Puig’s high-end positioning with a brand that has redefined luxury and owns a true-hearted direct-to-consumer approach’.

Byredo Founder Ben Gorham and Manzanita Capital will remain as shareholders, with the former continuing as Chief Creative Officer.

Puig says it will continue to nurture and boost the positioning of Byredo, which brings to Puig a strong product portfolio, strong ESG commitment and a status within new luxury.

‘A NEW MILESTONE’

Marc Puig, Chairman and CEO, Puig, said: “This new acquisition marks a new key milestone in Puig’s ambition to develop a business with a strong portfolio of purpose-driven brands.

“We are thrilled to welcome Byredo, as it perfectly reinforces Puig purpose of empowering people’s self-expression, and a strong and conscious commitment in the ESG agenda. Puig will contribute our expertise and resources to the development of this unique brand, which represents modern luxury with a strong consumer connection.”

Ben Gorham, Founder and Chief Creative Officer, Puig added: “Since 2006 I have been fortunate to work with people who believed in a brand that could redefine a luxury and beauty culture, one that was aspirational yet inclusive.

“The brand has experienced steady and significant growth over the last 15 years and each phase has presented new challenges and opportunities. I really believe that Puig’s experience with founder-led brands in beauty and fashion will help us realise our full potential in multiple categories.

“Puig has demonstrated a competitive and disruptive approach to building business – something that truly resonates with the culture that is Byredo.”

William Fisher, CEO at Manzanita Capita, stated: “Manzanita is a family run business, and Byredo has been part of our family for almost 10 years.

“It has been an incredible journey and we are really 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.”