Richemont Creates New Beauty Division, Doubles Down on High-End Fragrance

The department will be headed up by division chief executive officer Boet Brinkgreve, formerly president of ingredients division and group procurement at fragrance manufacturer DSM-Firmenich, the company said on Wednesday.

Amid a booming luxury fragrance market, Richemont is ramping up investment in the space with the creation of its new Laboratoire de Haute Parfumerie et Beauté division. The department will be headed up by division chief executive officer Boet Brinkgreve, formerly president of ingredients division and group procurement at fragrance manufacturer DSM-Firmenich, the company said on Wednesday.

The move comes as rivals, too, dial-up investment in the growing space. In June, Kering chose niche fragrance label Creed as its first beauty acquisition, paying $3.8 billion for the company; last year, Puig snapped up artisanal fragrance brand Byredo.

Richemont’s new division is designed to help the luxury group reach “critical mass in this highly competitive field, where scale is crucial,” said group chairman Johann Rupert.