Byredo founder Ben Gorham’s exit marks a familiar pattern in beauty M&A

Ben Gorham, the founder and creative force behind Swedish fragrance label Byredo, is stepping away from the brand nearly two decades after its inception and three years after selling a majority stake to Spanish conglomerate Puig, reported Cosmetics Business.

Founded in 2006, Byredo evolved from a niche fragrance label into a full-fledged lifestyle brand spanning beauty, fashion, and homeware. Known for its minimalist packaging and distinctive scent names, the brand attracted Puig, which acquired a majority stake in 2022 at a reported 1bn euro valuation. Gorham stayed on as Chief Creative Officer under a transitional agreement that ended this June.

The move reflects a growing trend: creative founders departing once their brands are absorbed by global players. While Puig has emphasised its commitment to preserving brand DNA, as seen in its stewardship of Charlotte Tilbury and Dries Van Noten, founder exits inevitably shift a brand’s creative direction toward commercial scale.

Analysts note that Gorham’s exit follows a familiar post-acquisition cadence. Conglomerate ownership offers growth infrastructure but can also dilute founder-led vision. As valuations peak, we often see founders stepping aside, signalling the end of the artisanal phase and the beginning of corporate brand building.

Puig’s Chairman and CEO Marc Puig praised Gorham’s role in establishing Byredo’s distinctive identity, vowing to uphold the brand’s ethos while unlocking further growth. However, as Puig consolidates its portfolio with an eye toward eventual IPO readiness, questions remain about how much of Byredo’s avant-garde edge will remain intact.