The fragrance and perfume industry in Europe is a vibrant sector, characterized by innovation and artistry. It includes global brands, regional manufacturers, and niche companies crafting an array of products from everyday scents to high-end perfumes. Europe stands as a historical center for perfume fashion, blending traditional craftsmanship with modern sustainability trends, as consumers increasingly demand transparency in product ingredients. This evolution contributes to exponential growth, with technological advancements refining fragrance development and sourcing. Notably, the market for natural and organic fragrances is on the rise, as brands aim to accord with eco-conscious consumer values.

The 17 investors in this list highlight the dynamic participation of corporate giants and private equity firms within Europe's fragrance and perfume market. Among them, notable players like LVMH and Unilever showcase extensive annual investments and deep-rooted histories, dating back to the late 19th and early 20th centuries. These companies vary in size, with some employing over 10,000 people while others comprise smaller teams. In 2024, these investors collectively made numerous strategic deals, reinforcing their commitment to growth within this flourishing industry.

Top 17 Fragrance and Perfume Investors in Europe

1. L'Oréal

• Website: loreal.com
• Type: Corporate
• Headquarters: Paris, Île-De-France, France
• Founded year: 1909
• Headcount: 10001+
• Number of deals in 2024: 4
• LinkedIn: lor%c3%a9al

L'Oréal S.A. is a leading cosmetics manufacturer based in Paris, specializing in a diverse range of personal care products, including skin care, make-up, hair care, and perfumes. Founded in 1909, L'Oréal has established itself as a global leader in the beauty industry, focusing on innovation and sustainability. The company has made strategic acquisitions to enhance its portfolio, particularly in the fragrance sector. Notable transactions include the acquisition of Roger & Gallet, a brand recognized for its perfumes, and YSL Beaute Holding, which encompasses Yves Saint Laurent and Boucheron perfumes. These acquisitions reflect L'Oréal's strategy to strengthen its position in the luxury cosmetics and fragrance markets, alongside its broader focus on high-quality brands.

2. Lvmh

• Website: lvmh.com
• Type: Corporate
• Headquarters: Paris, Île-De-France, France
• Founded year: 1987
• Headcount: 10001+
• Number of deals in 2024: 11
• LinkedIn: lvmh

LVMH Moët Hennessy Louis Vuitton SE is a leading luxury goods manufacturer and retailer based in Paris, France. Founded in 1987, LVMH operates across various sectors, including fashion, leather goods, wines, spirits, perfumes, cosmetics, watches, and jewelry. The company is known for its exclusive brands that embody craftsmanship and heritage, catering to affluent consumers. In the fragrance and perfume sector, LVMH has made significant investments, acquiring notable brands such as Guerlain in 1994, Maison Francis Kurkdjian in 2017, Acqua di Parma in 2001, and Officine Universelle Buly 1803 in 2021. These acquisitions reflect LVMH's strategy to enhance its fragrance portfolio and expand its market presence internationally, showcasing their active role in the fragrance and perfume industry.

3. Unilever Ventures

• Website: unileverventures.com
• Type: Corporate
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 2002
• Headcount: 11-50
• Number of deals in 2024: 9
• LinkedIn: unileverventures

Unilever Ventures is a corporate venture capital firm based in London, England, founded in 2002. They specialize in investing in emerging brands and technologies, particularly within the beauty and wellness sectors. Unilever Ventures aims to empower entrepreneurs with innovative ideas to build strong consumer brands by providing capital and leveraging Unilever's extensive network. Notably, they have invested in fragrance-related companies, including The 7 Virtues Beauty, a clean fragrance brand that raised funding to expand its operations. Additionally, they have been involved in other beauty-related investments, such as Scentials and Oak Essentials, further demonstrating their commitment to the beauty and fragrance industries. Their focus on supporting startups in these sectors positions them as a relevant player in the fragrance and perfume investment landscape.

4. Puig

• Website: puig.com
• Type: Corporate
• Headquarters: L'Hospitalet De Llobregat, Catalonia, Spain
• Founded year: 1914
• Headcount: 1001-5000
• Number of deals in 2024: 1
• LinkedIn: puig

Puig is a corporate investor based in L'Hospitalet De Llobregat, Catalonia, Spain, specializing in beauty and fashion, particularly in fragrances, cosmetics, and apparel. Founded in 1914, Puig operates globally and is known for its diverse range of products under prestigious brands such as Carolina Herrera and Jean Paul Gaultier. The company has made significant strides in the fragrance industry through strategic acquisitions, including Byredo, a modern fragrance house acquired for approximately 1 billion dollars in 2022, which marked Puig's entry into a contemporary segment of the market. Other notable acquisitions include Nina Ricci in 1998, L’Artisan Parfumeur and Penhaligon’s in 2015, and Charlotte Tilbury Beauty in 2020. These transactions highlight Puig's active role in expanding its influence and offerings within the fragrance and perfume sector, supporting its mission to enhance personal expression and confidence through its products.

5. Eurazeo

• Website: eurazeo.com
• Type: Private Equity
• Headquarters: Paris, Île-De-France, France
• Founded year: 1969
• Headcount: 201-500
• Number of deals in 2024: 40
• LinkedIn: eurazeo

Eurazeo is a prominent investment management firm based in Paris, specializing in private equity, private debt, and real assets. Founded in 1969, the firm has established a strong presence in the investment landscape across Europe. Eurazeo focuses on tailored investment strategies aimed at growth and expansion across various sectors, including technology and healthcare. Notably, Eurazeo has made significant strides in the fragrance and perfume industry, acquiring a 70% stake in Iberchem, a Spanish flavors and fragrances company, for €270 million in 2017, which supports the company's development and growth. In 2024, Eurazeo invested €25 million in the niche perfume brand Ex Nihilo, collaborating with its co-founders to enhance market expansion and digital capabilities. Additionally, Eurazeo acquired a majority stake in Nest Fragrances for approximately $70 million, marking a strategic entry into the consumer and retail sector through its Eurazeo Brands division. These transactions highlight Eurazeo's active role in the fragrance market, making it a relevant investor in this category.

6. Unilever

• Website: unilever.com
• Type: Corporate
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 1872
• Headcount: 10001+
• LinkedIn: unilever

Unilever PLC is a multinational consumer goods company based in London, England, founded in 1872. The company offers a wide range of products, including food, beauty, personal care, and cleaning agents, serving consumers globally. Unilever has a strong focus on sustainability, aiming to make sustainable living commonplace through its diverse product offerings. In the beauty and personal care sector, Unilever has made significant acquisitions, such as Hourglass, a brand known for its luxury cosmetics, acquired in June 2017, and Schmidt's Naturals, recognized for its natural deodorants, acquired in December 2017. These acquisitions enhance Unilever's portfolio in the beauty market, which often includes fragrance products. Additionally, Unilever Ventures has invested in Pureplay Skin Sciences Ltd, the company behind the vegan beauty brand Plum, which may also encompass fragrance offerings. These transactions highlight Unilever's active role in the beauty and personal care industry, making them a relevant player in the fragrance and perfume market.

7. Crowdcube

• Website: crowdcube.com
• Type: Corporate
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 2010
• Headcount: 51-200
• Number of deals in 2024: 3
• LinkedIn: crowdcube-limited

Crowdcube is a London-based crowdfunding platform founded in 2010 that enables businesses to raise capital through equity investments. It connects startups and SMEs with potential investors, facilitating the funding process. Crowdcube promotes diversity and inclusion within its workforce while providing investment management services to its clients. Notably, Crowdcube has been involved in several transactions within the fragrance and perfume industry, including St Giles Fine Fragrance, which raised $281,089 in July 2022, and Perfino, which raised $95,313 in December 2020. Additionally, they supported Faith in Nature, which raised $973,163 in July 2023, further showcasing their engagement with companies that have a focus on natural and sustainable products, which can include fragrance offerings.

8. Thg

• Website: thg.com
• Type: Corporate
• Headquarters: Manchester, England, United Kingdom (UK)
• Founded year: 2004
• Headcount: 1001-5000
• Number of deals in 2024: 1
• LinkedIn: thehutgroup

THG plc, founded in 2004 and based in Manchester, England, is a digital e-commerce retailer specializing in beauty and nutrition products. The company operates through its divisions, THG Beauty and THG Nutrition, offering a wide range of cosmetics and dietary supplements directly to consumers. Notably, THG has made strategic acquisitions to bolster its position in the beauty sector, including the purchase of DermStore, a US beauty retailer, for $350 million, and Cult Beauty, a prestige beauty etailer, for £275 million. These acquisitions aim to enhance THG's capabilities as a leading digital partner in the beauty industry, which includes fragrance products. Furthermore, THG's acquisition of Mankind Direct and Lookfantastic Group demonstrates its commitment to expanding its health and beauty sales, which now exceed £25 million. Through these transactions, THG leverages its proprietary technology and extensive infrastructure to enhance the shopping experience for beauty consumers, including those interested in fragrances.

9. Symrise AG

• Website: symrise.com
• Type: Corporate
• Headquarters: Holzminden, Lower Saxony, Germany
• Founded year: 1874
• Headcount: 10001+
• Number of deals in 2024: 2
• LinkedIn: symrise

Symrise AG is a chemicals company based in Holzminden, Lower Saxony, Germany, specializing in the production of flavors and fragrances. Founded in 1874, the company serves various industries, including food and beverage, cosmetics, and pet food, by providing innovative and sustainable solutions. Symrise has made notable investments in the fragrance sector, including leading a $6 million Series A funding round for Phlur, marking its first investment in a fragrance brand. Additionally, Symrise has pursued strategic acquisitions to enhance its position in the fragrance market, such as the acquisition of SFA Romani and the Neroli Group, which collectively have annual sales exceeding 40 million euros. The company also acquired the Brazilian activities of fragrance manufacturer Belmay and Citratus Fragrâncias, further solidifying its market presence in Latin America. These transactions highlight Symrise's active role and commitment to the fragrance and perfume industry.

10. Bpifrance French Tech Accélération

• Website: bpifrance.com
• Type: Venture Capital
• Headquarters: Paris, Île-De-France, France
• Founded year: 2015
• Headcount: 1-10
• Number of deals in 2024: 198
• LinkedIn: bpifrance-french-tech-acc%c3%a9l%c3%a9ration

Bpifrance French Tech Accélération is a public entity and financial institution based in Paris, Île-De-France, France, founded in 2015. It supports entrepreneurs and businesses in France and internationally through a variety of services, including direct funding, export credit insurance, and private equity investments. Bpifrance aims to foster entrepreneurship and innovation by providing coaching and partnerships to help businesses navigate growth and international expansion. Among its notable transactions, Bpifrance has invested in La Bouche Rouge Paris, which raised over $11 million in a Series A round, and WAAM Cosmetics, which secured €1.5 million in its first fundraising round. Additionally, they have participated in funding rounds for other beauty-related companies like Beautigloo and WhatMatters, further demonstrating their engagement in the beauty and cosmetics sector, which includes fragrance and perfume products.

11. Kering

• Website: kering.com
• Type: Corporate
• Headquarters: Paris, Île-De-France, France
• Founded year: 1963
• Headcount: 10001+
• Number of deals in 2024: 3
• LinkedIn: kering

Kering is a luxury goods company based in Paris, specializing in fashion, leather goods, jewelry, and beauty products. Founded in 1963, Kering owns prestigious brands such as Gucci, Balenciaga, and Yves Saint Laurent, catering to affluent consumers and businesses in the retail sector. In 2023, Kering made a significant move into the fragrance market by acquiring the French fragrance brand Creed for approximately $3.8 billion, marking the establishment of its Kering Beauté division. This acquisition is expected to enhance Kering's presence in the beauty sector. In 2024, Kering Beauté further expanded its portfolio by acquiring a minority stake in the niche fragrance brand Matière Première, showcasing its commitment to innovation and sustainability in beauty products. These strategic investments highlight Kering's focus on enhancing the luxury experience for its customers through a diverse range of offerings, including fragrances.

12. Givaudan

• Website: givaudan.com
• Type: Corporate
• Headquarters: Vernier, Geneva, Switzerland
• Founded year: 1895
• Headcount: 10001+
• LinkedIn: givaudan

Givaudan is a corporate investor based in Vernier, Geneva, Switzerland, with over 10,000 employees. Founded in 1895, Givaudan specializes in manufacturing flavors, fragrances, and active cosmetic ingredients. The company provides innovative sensory solutions to various sectors, including food and beverage, personal care, and household goods. Givaudan has been actively expanding its footprint in the fragrance industry through strategic acquisitions. Notable transactions include the acquisition of Expressions Parfumees SAS in December 2017, Drom Fragrances in July 2019, and Custom Essence in November 2021, which enhanced its natural fragrance capabilities. Additionally, Givaudan participated in a Series A funding round for Arcaea, a biology beauty company, indicating its interest in developing new ingredients and beauty products. These activities underscore Givaudan's significant role in the fragrance and perfume market.

13. Venrex

• Website: venrex.partners
• Type: Venture Capital
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 2002
• Headcount: 11-50
• Number of deals in 2024: 11
• LinkedIn: venrex

Venrex is a venture capital firm based in London, England, founded in 2002. The firm specializes in early-stage investments in technology-enabled businesses within consumer industries, providing both funding and strategic support to help these businesses grow in competitive markets. Notably, Venrex has been involved in multiple funding rounds for Charlotte Tilbury Beauty, a UK-based beauty brand known for its makeup and fragrance products. Their investments in Charlotte Tilbury include seed funding in 2012, followed by several Series A and B rounds, indicating a strong commitment to supporting the brand's expansion and growth in the beauty sector. Additionally, Venrex has invested in Into The Gloss, a beauty platform that may also intersect with fragrance discussions, further showcasing their engagement in the beauty and fragrance landscape.

14. Almi

• Website: almi.se
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 201-500
• Number of deals in 2024: 7
• LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Among their notable transactions, Almi has invested in companies such as NCP Olfactives, which raised $490,615 in a venture round in 2017, and Minolei Cosmetics, which secured funding in 2022. These investments highlight Almi's engagement in the fragrance and cosmetics sector, showcasing their interest in supporting innovative companies within this niche market.

15. Coty

• Website: coty.com
• Type: Corporate
• Headquarters: Amsterdam, North Holland, Netherlands
• Founded year: 1904
• Headcount: 10001+
• LinkedIn: coty

Coty Inc. is a prominent beauty company founded in 1904, headquartered in Amsterdam, Netherlands. The company specializes in the development, manufacturing, and distribution of a diverse range of beauty products, including fragrances, cosmetics, and skincare. Coty operates globally and is committed to sustainability and inclusivity in its offerings. Notably, Coty has made several strategic acquisitions in the fragrance and beauty sector, including Philosophy Beauty in 2010, Bourjois in 2014, and a significant partnership to acquire a 60% stake in Younique in 2017. These transactions highlight Coty's active involvement in the fragrance market, reinforcing its position as a key player in the beauty industry.

16. Henkel

• Website: henkel.com
• Type: Corporate
• Headquarters: Düsseldorf, North Rhine-Westphalia, Germany
• Founded year: 1876
• Headcount: 10001+
• Number of deals in 2024: 3
• LinkedIn: henkel

Henkel AG & Co. KGaA is a prominent chemical manufacturer and consumer goods company based in Düsseldorf, Germany, founded in 1876. The company specializes in adhesive technologies and a diverse range of consumer brands, including home care items and personal care products. In recent years, Henkel has expanded its portfolio through strategic acquisitions, notably acquiring Shiseido on February 9, 2022, which is a significant player in the fragrance and cosmetics market. This acquisition highlights Henkel's commitment to enhancing its presence in the fragrance sector. Additionally, Henkel has acquired brands like Banana Beauty and HelloBody, which, while primarily focused on beauty and skincare, may also intersect with fragrance products. Henkel emphasizes innovation and sustainability in its operations, positioning itself as a forward-thinking investor in the consumer goods space.

17. Index Ventures

• Website: indexventures.com
• Type: Venture Capital
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 1996
• Headcount: 51-200
• Number of deals in 2024: 67
• LinkedIn: index-ventures

Index Ventures is a venture capital firm founded in 1996, based in London, England. The firm invests in innovative startups across various sectors, including technology and healthcare, but has also made significant investments in the beauty industry. Notably, Index Ventures has participated in multiple funding rounds for Glossier, a direct-to-consumer beauty company known for its skincare and makeup products, which also includes fragrances. Their investments in Glossier span several years, with notable rounds including $52 million in Series C (2018), $100 million in Series D (2019), and $80 million in Series E (2021). This involvement highlights Index Ventures' interest in the beauty sector, making them a potential player in the fragrance and perfume market.

Fragrance and Perfume Insights: Key Investors in Europe

Investor	Headquarter	Size	Founded	Deals 2024
L'Oréal	Paris, Île-De-France, France	10001+	1909	4
Lvmh	Paris, Île-De-France, France	10001+	1987	11
Unilever Ventures	London, England, United Kingdom (UK)	11-50	2002	9
Puig	L'Hospitalet De Llobregat, Catalonia, Spain	1001-5000	1914	1
Eurazeo	Paris, Île-De-France, France	201-500	1969	40
Unilever	London, England, United Kingdom (UK)	10001+	1872	0
Crowdcube	London, England, United Kingdom (UK)	51-200	2010	3
Thg	Manchester, England, United Kingdom (UK)	1001-5000	2004	1
Symrise AG	Holzminden, Lower Saxony, Germany	10001+	1874	2
Bpifrance French Tech Accélération	Paris, Île-De-France, France	1-10	2015	198
Kering	Paris, Île-De-France, France	10001+	1963	3
Givaudan	Vernier, Geneva, Switzerland	10001+	1895	0
Venrex	London, England, United Kingdom (UK)	11-50	2002	11
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Coty	Amsterdam, North Holland, Netherlands	10001+	1904	0
Henkel	Düsseldorf, North Rhine-Westphalia, Germany	10001+	1876	3
Index Ventures	London, England, United Kingdom (UK)	51-200	1996	67

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