The Advent International fund, which owns shares in Olaplex, Orveon and Douglas, has agreed with the founder of Parfums Marly and Initio Parfums Privés, Julien Sprecher, to take control of both firms. The information was advanced by the news agency WWD, and although the exact amount is unknown, according to experts, it could reach 700 million dollars.
Sprecher created Parfums de Marly in 2009. What inspired him to create this brand was the splendour of 18th century France, a key period in the development of perfumery. Initio Parfums Privés was born 6 years later, in 2015, with the aim of reclaiming and recovering the essence and grandeur of perfume.
The deal allows Advent International, which was founded in 1984, to take over a growing $60 billion niche segment of the fine fragrance business. Advent has acquired the majority stake and takes control of the group, but Sprecher will continue to serve as executive chairman and creative director. As indicated in its own press release, Advent is looking to accelerate the global expansion of Parfums de Marly and Initio Parfums Privés and strengthen its omni-channel presence.
Advent International CEO Ranjan Sen said he had high expectations for the development of the two brands: "Under the visionary guidance of Julien Sprecher, this group has established itself as a leader in niche luxury fragrances and we see considerable opportunity to accelerate its growth and penetration in key global markets. Sprecher has emphasised Advent's commitment to "protect the DNA of the brands and maintain continuity with the existing team and partnerships with suppliers and distributors".
Nicolas Chavanne, CEO of Advent International, commented: "As a global private equity firm with strong experience in backing iconic consumer and beauty companies, we strongly believe that Advent is the right partner to support the next phase of the Group's journey. These brands are emblematic of a new generation of exclusive and distinctive fragrance houses, combining sophistication with creative flair, which we are proud to support. We look forward to working with Julien and the Group's leadership team to further scale the business to its full potential."