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Lightning in a Bottle: Tapping Into the Niche Fragrance Boom

With independent perfume on a hot streak for investments and acquisitions, the fragrance market is only growing larger — and more competitive. Here’s what steps emerging brands need to take as they expand.

Emily Jensen

11 March 2024

BoF PROFESSIONAL

When Benoît Verdier co-founded perfume house Ex Nihilo in 2014, he and his partners set out to create the “Tesla of fragrance,” combining technology with classic raw materials through personalisation services at its Paris flagship. At the time, niche fragrance brands like Ex Nihilo were increasingly being noticed by larger entities: UK private equity group Manzanita Capital had just invested in Byredo the previous year. Estée Lauder scooped up Le Labo and Frederic Malle in 2014 and Kilian in 2016; not to be outdone, LVMH acquired Maison Francis Kurkdjian in 2017.

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