Byredo’s London Expansion Marks New Chapter for Puig in Niche Luxury

Puig raises its bet on niche perfumery and joins the furor over store openings. After the departure last June of Ben Gorham, Byredo’s creative driving force, the Spanish group is moving forward with the Swedish cult brand’s international deployment strategy. In addition to the recent opening of its first boutique in Barcelona, it will soon invest in the launch of a new store in a strategic location in London. In the heart of Covent Garden as a global showcase for the cosmetics and perfumery sector, Byredo will reaffirm its creative role on the coveted international luxury scene.

The place where tourists now throng in search of niche perfumes and high-end boutiques began as a monastic orchard in the 13th century. The neighborhood, named after the former grounds of the Abbot of Westminster, was transformed in the 17th century into a square designed by architect Inigo Jones and has undergone radical changes throughout its history. First, from a fruit and flower market to a decadent space in the seventies. And years later, after an ambitious refurbishment, it became one of the most visited commercial hubs in Europe, boasting a specific premium positioning around the luxury perfumery and cosmetics segment.

For Puig, landing with Byredo in the Piazza means taking a further step in its international deployment roadmap, choosing not only the British capital, but a symbolic setting in which it will rub shoulders with names on the beauty scene such as Chanel. with names of the beauty scene such as Chanel, located right next door to Byredo, Tom Ford, Parfums De Marly or Penhaligon’s, also owned by the Barcelona-based group. In addition, the store will be located a few meters from Charlotte Tilbury’s flagship store on James Street, also controlled by Puig, or the imposing flagship of the U.S. phenomenon Glossier.

Covent Garden has established itself as the UK’s largest premium beauty cluster, where historic maisons coexist with nicheperfumery insurgents. Kering-owned Creed, designer candle specialist Diptyque, British perfumery icon Jo Malone and Guerlain’s high-end makeup all come together within a radius of just 100 meters, joined by new arrivals such as Matiere Premiere and Initio Parfums Privés.

Byredo already operates in London with stores in Soho, Seven Dials and Spitalfields Market

“Covent Garden is already the UK’s leading luxury beauty destination, an epicenter where brands can launch, innovate and thrive,“ says Shaftesbury Capital, which owns the complex.

The numbers back up the importance of the space. The vacancy rate in the prime West End is just 2.5%, while rents in Covent Garden are around 1,300 pounds per sq ft per annum. These are figures that place it among the most expensive retail destinations in London, behind only arteries such as Bond Street.

Charlotte Tilbury operates a store just yards from the future Byredo store.

Although the official opening date has not been confirmed by the company, the Stockholm-born firm will soon open a space of more than 1,000 square feet that will become its fourth store in the British capital. Byredo thus extends the coverage of its operations in the city, until now guaranteed by the boutiques in Soho, Seven Dials and Spitalfields Market, in the east of the city.

The brand already has a strong London presence thanks to its network of outlets in department stores such as Harrods, Liberty, Selfridges and Space NK.

Puig took a stake in Byredo in 2022, in a deal that valued the firm at more than €1 billion 

If it follows the trend of other spaces of the firm, the future Byredo boutique could have a wide range of products that take the concept beyond the proposal of cult fragrances. Makeup, leather goods, candles, household objects and accessories currently make up the Swedish firm’s catalog. It is not, therefore, just about selling perfumes, but about projecting a sensory universe coherent with the minimalist and avant-garde language that Ben Gorham has stamped on the firm since 2006.

The London movement does not come alone. At the beginning of the summer, Puig opened in Barcelona the first Byredo store in the city, located at 349 Consell de Cent, in the historic premises of Sala Dalmau. There he debuted with a minimalist and sculptural space, conceived as an art gallery, with seventy square meters and two floors dedicated to its offer and personalized experiences.

Across the street, the company also opened the first Penhaligon’s boutique in Spain, celebrating the 155th anniversary of the British maison with a space dominated by the characteristic William’s Green. With this double move, Puig underscored its commitment to the direct retail channel and to placing its most creative brands in high-profile locations.

Penhaligon’s is another of the brands in Puig’s portfolio with a presence in Covent Garden.

The London opening coincides with a change of cycle at Byredo: Ben Gorham, founder and creative director, officially left the company in June 2025, in compliance with the agreement signed with Puig in 2022, when the group acquired a majority stake and later completed the purchase of 100%. The exit, agreed from the start, opened a new chapter in which Byredo’s identity is completely under the umbrella of the Spanish company.

Puig’s niche category posted double-digit growth in the first half of the year

“I am proud of what we have achieved in these twenty years and I am fully confident in Byredo’s future with Puig, the brand has a strong identity that I now leave completely in their hands,“ the Swedish creative stated at the time. For his part, Marc Puig, president and CEO of the group, underlined the company’s background in transitions of this type. “We have experience inheriting the legacy of the brands we incorporate, respecting their essence and preparing them for a new stage of growth,“ said the executive.

The link is not only financial: Byredo’s integration into the holding company is part of a broader strategy to strengthen its presence in prestige fragrances and signature cosmetics. Along with Penhaligon’s, L’Artisan Parfumeur, Dries Van Noten and Charlotte Tilbury, the Swedish brand has become one of the pillars of the group’s growth in the premium segment.

In the results for the first half of 2025, Byredo appears as one of the driving forces in the fragrances and fashion segment, which generated €1.68 billion with a like-for-like growth of 8.6%. Within this business, the company led the niche category with double-digit growth.

The company posted sales of €2.29 billion in the first half of the year, an increase of 5.9% compared to 2024. All segments performed well on a like-for-like basis: fragrances and fashion rose by 8.6%, skin care by 8.6% and make-up by 2%.

Adjusted net income amounted to €247 million, 3.9% more than in the same period of the previous year. Adjusted gross operating profit (ebitda) was €445 million, up 8.6%, with a margin of 19.4%. The operating income reached €332.3 million, up 6.2%, while the group’s net debt fell to €1.42 billion.