THE WHAT? Puig has announced that it has acquired a majority stake in Swedish luxury fragrance brand Byredo, according to a report published by Reuters.

THE DETAILS Terms of the deal were not disclosed, said Reuters, but other news sources claim that the Spanish manufacturer of Prada and Paco Rabanne fragrances paid US$1 billion for the company. What is known is that Byredo Founder, Ben Gorham will remain in situ as creative lead and Manzanita Capital will stay on as investors.

THE WHY? Rumors have swirled around the niche Scandi label for some time with L’Oréal said to be in the running to acquire the label. With demand for luxury fragrance growing, popular indie brands are being snapped up left, right and centre.