Luxury group Richemont is making a major investment in the booming high-end fragrance market with the launch of its new Laboratoire de Haute Parfumerie et Beauté division. Headed by newly appointed CEO Boet Brinkgreve, formerly of DSM-Firmenich, the division aims to help Richemont’s maisons capitalize on the growing demand for luxury fragrances.
The creation of the new perfume and beauty division comes as rivals like Kering and Puig have also ramped up spending in the space, with high-profile acquisitions of niche fragrance brands Creed and Byredo.
According to Richemont chairman Johann Rupert, the division will enable the group’s maisons to reach critical scale and enhance their capabilities to meet the needs of discerning luxury fragrance customers. With Brinkgreve’s expertise, Richemont aims to broaden its clientele base and maximize its maison’s potential in the dynamic luxury fragrance market.