Advent International exploring $2bn sale of Parfums de Marly business
Potential deal comes as fragrance sector outperforms broader beauty market
Private equity group Advent International is in early talks about a possible sale of its Parfums de Marly business, in the latest sign of a dealmaking frenzy in the fast growing fragrance market.
Advent is considering options including a sale of the group, which also owns the Initio Parfums Privés brand, as soon as next year, according to people familiar with the matter. An eventual deal could value the business at more than $2bn, they said.
The investment firm has not yet appointed bankers and no final decision on the sale has been taken, the people cautioned, adding that the business could attract interest from a mix of buyout investors and other companies in the sector.
Advent is aiming for a strong return after acquiring a majority stake in the group in 2023 from its founder Julien Sprecher. The initial deal valued the company at more than $700mn, WWD reported at the time.
Sprecher remained a “large” minority shareholder of the group after the deal, and stayed on as executive chair and creative director.
Patrice Béliard joined the group this month as its new chief executive, succeeding Julien Sausset who had held the job for nearly a decade.
The potential sale of Parfums de Marly comes on the heels of Kering’s €4bn sale of its beauty operations to L’Oréal this week, in which the French cosmetics company acquired perfumer House of Creed. L’Oréal also got 50-year licences to develop and sell fragrances under the Gucci, Bottega Veneta and Balenciaga labels.
Consumer companies have been attracted to the luxury fragrance sector, which has outperformed the broader beauty market.
Last month, beauty group Coty said it would explore the sale of some beauty brands including Max Factor and Rimmel so that it could focus on its high-end perfume divisions.
Founded in 2009 with headquarters in Paris, Parfums de Marly’s name derives from the former French Royal residence Château de Marly.
Advent said at the time of the 2023 deal that the company had “grown rapidly to become a leading niche perfumery house in the attractive niche luxury fragrance segment”.
Advent declined to comment.