Spanish fragrance company Puig has made an investment in the Chinese fragrance brand Scent Library.
WHO: Scent Library was founded by Roseline Lou and John Han, launching in Beijing in 2009. In 2015 the company introduced scent products based on contemporary Chinese culture. Scent Library's range includes perfumes, home fragrances, and body care sold online and through 80 brick-and-mortar doors in malls and shopping centers in China. The brand is known for its creative and highly localized scents.
Puig is a third-generation family-owned fashion and fragrance business. Its portfolio of brands includes a combination of owned brands such as Dries Van Noten, Carolina Herrera, Nina Ricci, Paco Rabanne, Jean Paul Gaultier, Penhaligon's, and L'Artisan Parfumeur; licenses such as Prada, Christian Louboutin, and Comme des Garçons; and lifestyle fragrances. The products are sold in over 150 countries.
IN THEIR OWN WORDS: The company said in a statement, "Scent Library intends to apply the proceeds thus raised to the development of fragrance products connected with authentic Chinese culture; to the creation of a deep, immersive consumer experience at all touchpoints; to the optimization and integration of the brand's international supply chain, and to the ongoing staffing of a high-level team."
"Partnering with Scent Library was a very appealing opportunity to participate in the development of the Chinese fragrance market with a Chinese-based company and a Chinese-founded team," Marc Puig, Chief Executive Officer of Puig, said.
Research data shows that China's perfume market accounts for only 2.5 percent of the global market, but the average annual growth rate is over 25 percent," Lou said in the statement. "Therefore, we have strong faith and confidence that we can make a significant contribution.
- Puig invests in Scent Library. The companies declined to disclose the investment amount, but sources said the Series B round raised $10 million.
- Other investors in the business include R&D Investment, Tiantu Capital, and Zero2IPO Venture Capital.
- In June 2022, Puig took a minority stake in Charlotte Tilbury.
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