SMELL THIS. French luxury goods company LVMH has agreed to buy a majority stake in French independent perfume house Maison Francis Kurkdjian
Maison Francis Kurkdjian’s chief executive officer Marc Chaya and perfumer Francis Kurkdjian
Following the footsteps of The Estée Lauder Co. Inc. and L’Oréal, LVMH is the next premium luxury goods company to acquire a niche perfumerie. Maison Francis Kurkdjian, a French independent perfume house, has agreed to sell a majority of its stakes to the French luxury goods company.
Seeing how the global perfume market is growing at an annual rate of two percent to three percent, while sales of niche perfume brands have surged to 15 percent as consumers increasingly favor rare and upmarket fragrances, it’s no surprise that LVMH was quick to jump on the bandwagon.
Although the financial details of the deal have yet to be disclosed, LVMH has stated that the acquisition of Maison Francis Kurkdjian will allow the fragrance house to further pursue its growth, particularly in the international markets.
Despite its largest market coming from the United States, Maison Francis Kurkdjian has plans to further expand its development in Russia and China, and accelerating its digital reach.
Founded in 2009 by perfumer Francis Kurkdjian and its chief executive officer Marc Chaya, the brand already has two stores in Paris, four in Taiwan, one in Malaysia and another in Dubai. It has been said that the roles of Chaya and Kurkdjian will remain the same, maintaining their lead positions as shareholders.