Puig Invests in Chinese Fragrance Brand Scent Library
Summary
Scent Librarys range includes perfumes, home fragrances, and body care sold online and through 80 brick-and-mortar doors in malls and shopping centers in China. Its portfolio of brands includes a combination of owned brands such as Dries Van Noten, Carolina Herrera, Nina Ricci, Paco Rabanne, Jean Paul Gaultier, Penhaligons, and LArtisan Parfumeur; licenses such as Prada, Christian Louboutin, and Comme des Gar\xe7ons; 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 brands 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 Chinas 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. The companies declined to disclose the investment amount, but sources said the Series B round raised $10 million.