PARIS – In a beauty industry recently rife with chief executive officer changes, the latest news is that Byredo’s CEO said he has handed the brand’s management over to its parent company Puig.
Nicolas Cordier, global CEO of Byredo since 2020, in a LinkedIn post dated Sunday, wrote: “Mission accomplished!”
The seasoned beauty executive’s news comes as the ever more dynamic and competitive beauty industry is quickly shape-shifting and with it, companies’ management structures.
Since the start of this new year, a plethora of top-level executive changes have taken place. Rhode, Merit Beauty, L’Occitane Group, Avon Products Inc., Biologique Recherche, L:a Bruket, Susanne Kaufmann, Fresh and Orveon are among the cavalcade of companies to name new CEOS. These groups are of all types – small to large, public to private and representing each beauty product category.
According to his LinkedIn post, Cordier was appointed to his role at Byredo to scale up, sell, integrate and hand over the company to the next shareholder.
In May 2022, Spanish, family-owned beauty and fashion company Puig acquired a majority stake in Byredo, as reported. The luxury beauty brand was founded by Ben Gorham in 2006.
Between Cordier’s hire in 2020 and 2023, he steered the brand to triple global net revenues and delivered double-digit earnings before interest, taxes, depreciation and amortization, according to his post.
Cordier helped multiply Byredo’s own ecommerce sales by 10 and opened 50 profitable freestanding boutiques. Under the executive, Byredo’s team grew to 600 people, he said.
After helping with the M&A process, led by Manzanita Capital and Goldman Sachs, Byredo was sold to Puig with a reported company valuation of more than 1 billion euros.
During Byredo’s integration last year, Cordier transferred the global travel retail, Spain, Italy, Saudi Arabia, United Arab Emirates and distributor markets to Puig. He also helped Puig to establish group subsidiaries in Japan and Korea.
Byredo entered new product categories, including makeup and jewelry.
“After three years and a half, having complete my mission, I hand over the management of Byredo to Puig,” wrote Cordier. “Thank you Manzanita, Ben Gorham, Puig and my incredible team for what has been an intense and exciting ride!”