CK Hutchison Holdings Limited (CK Hutchison) confirmed in a statement that it is exploring the sale of European prestige beauty retailer Marionnaud. Talks are being held with David Konckier, the founder of investment company BEHN and principal shareholder of the perfume and cosmetics group Bogart.
While the transaction is not finalized, the exclusivity of the process indicates serious intent and a focused negotiation phase. The acquisition would further Bogart Group's ambition to build its vertically integrated European perfumery network and follows the recent acquisition of the German retailer Stadtparfümerie Pieper, which added 110 stores to its footprint.
The Hong Kong–based multinational conglomerate has a diverse portfolio of businesses that employ over 300,000 people in more than 50 countries and markets worldwide. In beauty, it owns Superdrug, Watsons, and two perfumery and cosmetics retail brands, ICI Paris XL and The Perfume Shop. CK Hutchison generated revenue of approximately HK$507 billion ($65 billion) in 2025.
Watson Group acquired Marionnaud in 2005 for HK$5.5 billion ($700 million) in cash. At that time, the retailer had 1,230 stores across Europe. Today, Marionnaud has a network of 377 stores in France with additional locations across Austria, the Czech Republic, Hungary, Italy, Romania, and Switzerland, bringing its total store network to approximately 700 locations.
Two decades later, the retail landscape looks different. Sephora has become the clear leader in the French market, while Douglas has scaled its premium network across Europe and online retailer Notino has also taken market share.
The Marionnaud business has struggled amid the intense competition. The transaction would represent an evolution to a potential new owner with deep expertise in the beauty sector across both brands. If completed, the deal would also further consolidate the competitive landscape of the European beauty and fragrance retail sector.
Deploying a classic buy-and-build strategy, Marionnaud’s extensive store network and established brand presence could provide Bogart with enhanced access to key markets and customer segments. Using BEHN as the buyer keeps the acquisition financing and integration risk ring-fenced from the Bogart Group’s operating results while talks proceed and provides flexibility on where the Marionnaud business would sit in the portfolio.
During the discussion period, "Marionnaud will continue to operate as usual, with no changes to day-to-day operations, and with a continued focus on serving customers across its markets,” the group said.
