Givaudan is strengthening artificial intelligence (AI) capabilities by acquiring Myrissi.
WHO: Founded in 2014 and based in France, Myrissi has developed a patented AI technology capable of translating fragrances into color patterns and images, relevant to the consumer as well as predicting the end consumer’s emotional response. The link between colors, emotions, and fragrances was modeled on the basis of a database of more than 25,000 consumer tests. This unique consumer-centric approach allows Myrissi to support the development of fragrances that fully echoes customers’ marketing briefs. The emotional impact of a product is enhanced by avoiding the cognitive dissonances that appear when sensory messages are not perfectly consistent. The uniqueness of the product and the brand identity is therefore amplified, and this helps consumers to select a fragranced product in-store or via e-commerce channels that has a higher chance to be liked.
Givaudan is a global leading company in taste and well-being, and fragrance and beauty with a heritage stretching back over 250 years. The company is committed to driving purpose-led, long-term growth while leading the way to improve happiness and health for people and nature. In the fiscal year 2020, the company employed almost 16,000 people worldwide and achieved sales of CHF 6.3 billion and a free cash flow of 12.8% of sales.
WHY: This deal supports Givaudan’s long-term strategy to expand its capabilities in artificial Intelligence.
IN THEIR OWN WORDS: Maurizio Volpi, President Givaudan Fragrance & Beauty, said, “The acquisition of Myrissi is aligned with our long-term Fragrance and Beauty strategy; their expertise in AI will support us in proposing to our customers new visual and verbal storytelling approaches to consumers. This is particularly important in a time when e-commerce is booming. Our mission will be to support our customers to evoke the smell of their products in the most inspiring way, helping consumers to choose the product that best fits their preferences.”
Muriel Jacquot, founder of Myrissi, added, “We are very proud to join Givaudan and to bring in the platform that we have developed with success for ten years. We strongly believe that this is a great opportunity to expand our digital expertise in telling compelling fragrance stories that resonate emotionally with consumers.”
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