Two hot niche fragrance brands – Parfums de Marly and Initio Parfums Privés – have been snapped up by Advent International, which took a majority stake in the labels. Industry sources estimate that the deal was valued at more than $700 million.
Investors have demonstrated keen interest in the niche perfume category as it continues to grow rapidly within the prestige fragrance segment, which has taken off strongly again since the coronavirus pandemic took hold.
The brand in 2022 posted retail sales of $280 million, with growth driven by business in the U.S. and Asia, as well as new boutique openings. The perfume label’s largest boutique, a worldwide flagship measuring 1,940 square feet, recently opened in Beverly Hills. A branded store debuted in London’s Covent Garden last December, and a store in Shanghai and in Beijing are expected in September,Parfums de Marly’s fragrance bestseller is Delina, followed by Valaya.
Building brand awareness remains the top priority for Parfums de Marly in coming years, and to do that upping investment in digital and pop-ups are envisioned. Initio this year launched a scent called Paragon, which was introduced in the U.S. exclusively at Nieman Marcus and is being rolled out elsewhere.
It’s trickier to track niche fragrance sales, as there’s no clear-cut definition of what constitutes “niche.” When it first came into the lexicon for fragrance, the term encompassed indie startups, but a number of those have morphed into multimillion-dollar businesses.Euromonitor’s statistics on “super premium” fragrances, last year with sales of $21.01 billion, estimate that the segment’s growth will be 5.7 percent between this year and 2024, and 6.7 percent between 2024 and 2025.
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