Niche fragrance has been one of the leading growth areas for the struggling fragrance sector, leading to a number of niche fragrance acquisitions by top multinational beauty companies. Most recently, LVMH has announced that it has acquired a majority stake in Maison Francis Kurkdjian.
(Further reading: the state of the fragrance industry, 2017.)
Under terms of the agreement, Marc Chaya and Francis Kurkdjian will continue in their current roles as CEO and creative director, respectively, and will remain shareholders of the company.
The Maison Francis Kurkdjian brand retails in 40 countries; its namesake founder has worked on the supplier side of the industry, creating scents for brands such as Acqua di Parma, Christian Dior, Guerlain and Kenzo.
“We share the same spirit of creativity, excellence and entrepreneurial drive as the LVMH Group," said Chaya. "This rapprochement is built on a shared vision and we will continue to guide the future of our House as part of an exceptional Group."