Latest from Business of Fashion
Business of Fashion
16 hours ago
- Business
- Business of Fashion
TSG Consumer Partners Acquires Phlur
On Tuesday, private equity firm TSG Consumer Partners announced a definitive agreement to acquire indie fragrance label Phlur, The Business of Beauty can exclusively confirm. A value for the deal was not disclosed; the brand is expected to generate over $150 million in retail sales this year, according to chief executive Elizabeth Ashmun. The masstige line was relaunched in February 2022 by brand accelerator The Center, founded by Ben Bennett, and influencer Chriselle Lim. It has become known for mood-centered scents like the best-selling Missing Person, which was inspired by Lim's divorce and a longing for an ex lover. 'I was in a very broken place at the time, and I couldn't find any inspiration outside of my deep pain … it was different from the typical fragrance, where they put everything on a silver platter and they make everything beautiful,' said Lim. 'What we were able to offer with Phlur was really something different that hasn't been done in fragrance, which was rawness and vulnerability and transparency.' Phlur's evocative fragrances and marketing has resonated not only with scent-obsessed Gen-Z and Millennial customers but also choosy shoppers looking for elevated products. Ashmun, who joined the brand in 2024, said that 50 percent of its customers are net new to the category. Phlur is reportedly the number two growth brand at Sephora US and Canada, and jumped from the top 20 fine fragrances to top 10 in the last year. At Space NK, it has broken into the retailer's top 10 overall lines and has seen triple-digit growth. With the acquisition, TSG Consumer pushes further into the influencer-founded space, a tricky but recently lucrative sector of the beauty industry. Last year, it invested in skincare and makeup line Summer Fridays, founded by influencers Marianna Hewitt and Lauren Ireland. It previously held a stake in Huda Kattan's Huda Beauty. Prior TSG beauty investments have included megabrands E.l.f. Beauty and It Cosmetics. In a challenging M&A market, which includes a slew of cosmetic brands in holding patterns, a select few celebrity- and influencer-fronted brands have broken through. The most notable example as of late is Hailey Bieber's Rhode, acquired by E.l.f. in May for an eye-watering $1 billion. Mona Kattan's Kayali was purchased by private equity firm General Atlantic and Kattan from TSG in February, and Susan Yara's Naturium, also developed by The Center, was acquired by E.l.f. Beauty in 2023. Phlur, which only began its sale process this year, was 'aggressively pursued' by TSG Consumer, said Hadley Mullin, senior managing director, and became the obvious partner for the brand early on. 'It was coming up time and time again as a standout,' said Mullin, adding that the firm chooses to work with beauty brands that have been productive in existing retail, with wider untapped distribution. 'The most important voice in the room when we're evaluating which brand to invest in is the consumer, followed by the retailer,' she said. Phlur founder Chriselle Lim (left) and chief executive Elizabeth Ashmun. (Phlur) A Non-Traditional Approach Phlur's origin story is unusual in today's cut-throat beauty landscape. Originally launched in 2015 as a digital-first, 'clean' fragrance proposition by entrepreneurs Cynthia and Eric Korman in Austin Texas, Phlur was purchased Bennett in 2021. Lim joined as co-owner and creative director that same year. Lim was also an unexpected partner for Phlur. For starters, the 40-year-old influencer was better known for her fashion sensibility than her taste in perfumes. Lim was part of the original wave of bloggers-turned-influencers, launching 'The Chriselle Factor' on YouTube in 2011. While beauty partnerships factored into her content, it was only as a byproduct of her style focus. She previously told The Business of Beauty she 'never ever thought I would own a fragrance company or even be a part of anything related to fragrance.' Lim will stay on with TSG Consumer as creative director along with Ashmun and Phlur's roughly 20-person team. As product and marketing have become interchangeable in beauty, Lim's creative lens and personal touch has made Phlur a hit. The line's first scent after its relaunch, Missing Person, recalled the feeling of longing, so the brand sent out press and influencer gifting with oversized men's t-shirts drenched in the fragrance. She also spoke candidly on social media about her divorce and subsequent depression. Lim credits the success of Phlur not only to timing, but also due to its aesthetic. The brand's three best-sellers, or Phlur 'icons', are 'Missing Person,' 'Vanilla Skin' and 'Father Figure'; body mists include a scent dubbed 'Heavy Cream.' More recently, Lim has stepped back from campaign imagery to let the line stand on its own, something buyers need proof of when looking to invest, with the hope of building a forever label. 'Phlur is a brand; it's not just Chriselle's fragrance line,' said Mullin. The Smell of Success Since the pandemic, fragrance has remained beauty's fastest-growing category. According to BoF's The State of Fashion: Beauty report with McKinsey & Co, the sector is expected to grow by 6 percent by 2030, outpacing skincare and makeup. Buoyed by a younger customer base, cheaper prices and new formats, a fresh guard of challengers has upended the previously dominant designer playbook. While scents like Dior Sauvage, Creed Aventus and Chanel's Coco Mademoiselle remain top sellers, customers are ditching the idea of a signature scent in favour of scent layering. Accessible prices make that kind of outfitting much easier; a Phlur 50 ml fragrance is $99 versus $143 for Coco Mademoiselle. 'The model's elegant price architecture allows the brand to be profitable from a corporate standpoint while providing an accessible price point for trial,' said Colin Welch, managing director and head of New York, at TSG Consumer Partners. Phlur reported that sales are split roughly 50 percent between retail and e-commerce. Sales are expected to grow 65 percent year-on-year in 2026. Bodycare brand Sol de Janeiro became a breakout success on the strength of its next-gen fragrances, and since the label's acquisition by L'Occitane in 2021, buyers have been on the hunt for the next indie powerhouse. Many have tried to fill that void, including Glossier, which remains focussed on the category versus its once-core skincare and makeup, and Dedcool, which offers fragrances in an array of formats including detergent. Phlur moved from eau de parfums into body mists and ancillary products like deodorant and body oils in 2023. It has ditched the traditional fragrance flanker approach of staying true to a core scent, launching two original EDPs and up to seven extensions each year. Ashmun said that new formats, a push towards men and a broader global footprint are top of mind for the brand as it transitions to new ownership. (50 percent of Lim's followers are based in Europe.) While the relevance of famous founders ebbs and flows, Lim said those with longevity are 'more intentional' with how they speak to their audiences. She cites her evolving career as proof. 'Storytelling is one of my superpowers,' Lim said. 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Business of Fashion
a day ago
- Entertainment
- Business of Fashion
Sleepwear Is Having Its Athleisure Moment
For Paige DeSorbo, bedtime knows no bounds. Over seven seasons on the Bravo reality show 'Summer House,' she earned a reputation for spending leisurely mornings, afternoons and evenings in bed, chatting with friends, scrolling on her phone or recapping the previous night's debauchery with her housemates — most of that time in matching pyjama sets. 'My whole brand was not wanting to get out of bed,' she told The Business of Fashion. So it's no surprise that DeSorbo's first major venture post-show (she announced her departure earlier this year), would be Daphne, a sleepwear label meant to offer styles 'more luxe than just like a traditional $20 pyjama set.' The idea, she said, is that they could be styled in the same way she wore pyjamas — over a swimsuit to the beach, or on a morning coffee run. ADVERTISEMENT 'I wanted it to be something that if you're on vacation and you didn't want to change into another outfit, that this could also work for outside,' she said. It's a formula more and more brands are taking to sleepwear, which is going through something of an athleisure-style reinvention. Brands like Lake, Eberjey, Sleepy Jones and Petite Plume have been selling an upscale take on pyjamas since the 2010s, but today's young shoppers are taking it a step farther, buying pyjama-inspired styles like boxer shorts and pointelle tank tops beyond their bedrooms into their everyday lives. Responding to this trend, more sleepwear brands are offering styles that straddle the line between function and fashion — comfortable enough for bed, but also cute enough to wear to brunch the next morning. Plus, more traditional ready-to-wear brands are investing in the space: Reformation launched its first pyjama line this spring, while Hill House Home, famous for its 'nap dresses,' rolled out a new line of nightgowns in June. Even the luxury hotel chain Four Seasons debuted its first pyjama collection late last year, with the intent of courting more Millennial consumers. 'Pyjamas aren't just for bed anymore. They're styled for the airport, the beach, brunch,' said Eberjey founder Mariela Rovito. 'PJs all day is no longer lazy, it's aspirational.' This shift comes as pyjamas have also levelled up in terms of importance in a person's public wardrobe. As content creators broadcast their 'morning sheds' (undoing all the self-care steps they undertook the night before, from mouth tape to face masks), they're in their pyjamas. Social media stars like Brigette Pheloung and Alix Earle are often wearing them in their 'get ready with me' or 'day in the life' videos. Since 2024, the weekly average number of sleepwear-centric videos on TikTok has jumped 314 percent, while average views have leapt 817 percent, according to Trendalytics. 'The more that content creators are showing their lives and routines, the more people are going to want to mimic that, even if they don't realise it,' said Robyn DeMonte, who breaks down brand marketing strategies on TikTok under the moniker GirlBossTown. These shifts represent a major opportunity for both sleepwear-first brands and apparel brands at large. For the former, it's a chance to behave more like a fashion brand, tapping the power of brand marketing and building a customer base that's loyal to their product. And for the latter, it's a relatively simple category expansion, because it's 'quite similar to what [you] already do,' said Reformation CEO Hali Borenstein. Both see plenty of room for the space to grow. And just as brands like Lululemon and then later Alo and Vuori were able to build big businesses by convincing even the most casual gym-goers to embrace athleisure, and sleepwear brands believe there's similar potential in their category. After all, not everyone works out — but everybody sleeps. 'The market is still really ripe,' said Rovito. 'That's still a lot of people to convert from T-shirts and boxers.' ADVERTISEMENT From Bed to Boardroom to Beach In some ways, sleepwear's rise is something of a pushback on hustle culture. 'Sleep has become the ultimate status symbol now,' said Fanny Quehe, CMO of sleepwear label Petite Plume. 'It's no longer something you want to sacrifice at the service of productivity.' Instead, it's become something people are willing to invest in in order to improve. On TikTok, the viral concept of 'bed rotting' is seen as self-care, not a sign of laziness. In these highly-curated bedtime rituals, drab sleepwear stands out, and not for the right reasons. 'It's the ultimate self care, treat yourself moment, to have something that's so intimate and private be so extra,' said Hill House Home founder Nell Diamond, adding that in its latest nightgown drop, when the styles 'more detailed, more intricate, the better they sold.' The general goal for most is, as Borenstein put it, to make something 'between comfy cozy pyjamas and hyper sexy lingerie.' Daphne, for example, was launched with simple products that could be worn both ways: a sleep top in a boxy cropped cut with bows on the side, a pointelle mini-dress that could easily be worn during the summer. Though some customers love cutesy prints, DeSorbo said she wanted to focus on more muted colours, 'very girly, yet still sophisticated.' When Reformation launched its debut pyjama line this spring, it included classic button-down sets, but also patterned dresses and matching tank-and-short sets that would pair with sandals and sunglasses. At Eberjey, Rovito said they gut check its designs with what it calls the 'CVS test,' evaluating if their designs would function both inside the home and on an errand run or at school drop-off. Creating multi-functional styles also helps these brands in positioning their pyjamas as a luxury worth splurging on. The thought is that 'maybe the price point is a little bit higher, but you're also getting a full out-of-the-house look and an in-home outfit,' said DeSorbo. Daphne's products run from $58 for a tank top to $85 for a mini dress and long boxer shorts. As with athleisure, paying extra attention to fabrication also helps in that mission. Fabrics like silks can help up the luxury factor, while linen, which Eberjey introduced this year, can be more easily repurposed as summer daytime wear. ADVERTISEMENT 'When we get a new fabric, it opens up a whole new door of possibility and style,' said Rovito. Building Brand Equity With more fashionable standards in pyjamas, the savviest brands in the category are elevating how they market themselves. 'It's about creating an aspirational brand behind a traditionally boring product,' said Rose Colcord, founder of London-based sleep and intimates label CouCou Intimates. Part of this comes in how they photograph their product. For its e-commerce photos, Hill House shoots its nightgowns on models wearing shoes and without, in order to convey that they can be worn in the house and outside of it, Diamond said. For its brand imagery, Lake has models wearing pyjamas while they drive a boat or ride a bike. Selling a dream, much in the way fashion brands do, has become a major tactic for distinguishing themselves from players like Victoria's Secret and which sell sleepwear but don't specialise in it, according to Cassandra Cannon, founder of Lake. 'Over the years, we have shied away from calling ourselves a fashion brand, but that is what we are,' she said. 'So that's one of the primary ways that we bring customers in … to connect them to the lifestyle that we're selling.' But it's also about building up brand equity so people feel more willing to pay a premium for their product. Both Lake and Eberjey have moved away from advertising strategies primarily focused around social media ads towards larger brand-building efforts such as out-of-home ads and larger-scale campaigns. Eberjey, for instance, began running outdoor advertising after 25 years in business, because it's 'become a lot more important to just keep showing up where our customer is,' said Rovito. Events and collaborations play a larger role, too, in introducing newness that encourages consumers to keep coming back. Earlier this summer Eberjey celebrated its collaboration with tequila company Casa Del Sol attended by influencers like Coco Schiffer and model Rocky Barnes, pairing pyjama tops with jeans or wearing nightgowns with sandals. Petite Plume hosted a pyjama party with Yse Beauty founder Molly Sims last December, where they dressed attendees in sleek silk sets and made a custom sequin-covered set for Sims. For Lake, building up its retail footprint has also played a role in bringing people into its brand universe. It currently operates three stores, including a recently opened location in Southampton, New York, and one to come in Charlotte in August, all done in the same bright, airy whites and pastels it's known for with its pyjamas. As these brands see it, the sleepwear opportunity is only just beginning. Rovito sees room in particular to expand with the men's pyjamas market. They also want to take the trust they've built and apply it to other categories. DeSorbo is open to launching daywear in the future; Lake is investing in its own everyday pieces including kaftans and sweaters. The lines, they all say, will continue to blur as shoppers continue to prioritise comfort above all else. 'Culture influences fashion, and fashion influences culture,' said DeSorbo. 'And people are tired.'
Business of Fashion
a day ago
- Entertainment
- Business of Fashion
Largest Exhibition of Queen Elizabeth's Fashion Set for 2026
A retrospective exhibit about Queen Elizabeth's fashion is set to open next year at The King's Gallery at Buckingham Palace. It will be the largest exhibit focused on her wardrobe in history. 'Queen Elizabeth II: A Life in Style' will include pieces from throughout the late monarch's life, from a bridesmaid dress she wore in 1934 to the wedding of the Duke and Duchess of Kent and 1970s evening gowns to a simple brown hunting jacket. Both her wedding and coronation gowns, made by Norman Hartnell, will be included. In addition to the garments themselves, the exhibit will also explore the Queen's use of sartorial diplomacy — using clothes to signal diplomatic goodwill — through never-before-seen notes, sketches and more. The exhibition will open next spring and run through the autumn; official dates will be released in November 2025. ADVERTISEMENT Learn more: Queen Elizabeth II's Style Legacy Britain's longest reigning monarch has died. Her influence extended to the realm of fashion, where she invented the concept of 'sartorial diplomacy.'
Business of Fashion
2 days ago
- Business
- Business of Fashion
Byredo Owner Puig to Weigh Share Buyback in Time, CEO Says
The billionaire family controlling Puig Brands SA may weigh options — including buying its stock — to revive the Spanish beauty-products group's sagging shares, its chief executive officer said. Shares of Puig, owner of perfume brands like Jean Paul Gaultier and makeup label Charlotte Tilbury, had tumbled more than 34 percent since its splashy listing as Europe's biggest IPO in 2024. In early Madrid trading on Monday, they rose as much as 2 percent. 'Over time we'll consider whether or not it makes sense to make any moves to help investors who have invested in the stock achieve the value they believe it deserves,' Marc Puig said in an interview, referring to a possible family led stock purchase or ways to increase the liquidity of its shares. 'No moves are planned in the short term.' The Puigs are among Europe's wealthiest families. They own Exea Empresarial, which controls 74 percent of Puig's capital and 93 percent of its voting rights. Puig shares have tumbled like those of others in the industry including L'Oréal SA and LVMH as they suffer from uncertainty over the effects of US President Donald Trump's tariff wars and concerns about sluggish consumer demand. For Puig, the decline has come even though it has consistently met targets. 'I don't feel like we've let anyone down,' Puig said. 'We've delivered, we continue to grow.' Most analysts have a 'buy' recommendation on the stock. 'So far everything they've promised has happened,' said Xavier Brun, Head of Equity at Trea Asset Management, which holds Puig shares. On Wednesday, the company reiterated its forecast of 6 to 8 percent organic sales growth for the year, even after factoring in a 20 percent US tariff on Europe-made products. Trump has threatened 30 percent tariffs on products from the European Union. Puig said it expected little impact from the trade war in 2025 since most of the products are already in the US. Analysts like Patrick Folan at Barclays said the company has been less forthcoming about the outlook beyond this year. 'It would be helpful for Puig to come to market and explain what the current moderation in category growth means for them, and clearly state why they could be ok compared to the wider market,' he said. 'It's important to evolve the messaging from the IPO, as the IPO expectations of market growth may no longer be realistic next year or in 2027.' Puig plans to provide guidance for next year once he has more clarity on subjects like tariffs and the dollar. 'It'll be good to clarify these doubts to better measure consumer sentiment,' he said. For now, the executive, who's been at the helm for more than two decades, says the company's going to stick to doing what it does best — creating and selling fragrances. It will also focus on its make-up and skincare products, whose growth stood out in the most recent quarter even as fragrance sales moderated. That strategy of hunkering down and focusing on it core business has paid off for the company in the past. In the early 2000s, when Marc Puig took charge, the company faced financial difficulties and restructured the business to cut costs and allocate more resources toward building its perfume brands. Years later, that turnaround allowed it to stretch its fragrance portfolio. Puig now holds three spots in the world's top ten fragrance label rankings after Jean Paul Gaultier, its fastest growing brand, entered the list last year. Puig's focus on its prestige perfumes portfolio, which accounts about 70 percent of sales, and pipeline of products should sustain expansion and deliver better growth than its premium-beauty peers, Bloomberg Intelligence analysts Andrea Ferdinando Leggieri and Deborah Aitken wrote in a report on July 7. For Puig, much of the work of concocting new perfumes happens inside the glass-walled chamber high up in its new tower in Barcelona, which was inaugurated by King Felipe VI and Queen Letizia of Spain last year. Here, Gregorio Sola, a master perfumer, waxes lyrical about his trips around the world to find the finest ingredients: sandalwood oil from trees that have to grow for 30 to 40 years or a rare, signature rose. Fragrances inspired by the bold smells of the 1980s and 90s are making a comeback, Sola says. The growth of the market is being fuelled by young consumers' appetite for unique and expressive fragrances. Puig tapped that market early when it started acquiring niche brands like L'Artisan Perfumeur and Byredo, which often have unconventional compositions and limited distribution. Beginning over a century ago as a distributor of French perfumes, Puig made a major shift in the early 20th century to manufacture its own products like Spain's first homegrown lipstick. In the 60s and 70s, it began partnering with fashion designers like Paco Rabanne to launch fragrances — doubling down later by acquiring entire fashion houses like Carolina Herrera and Nina Ricci. 'What we need to do is take risks, tell good stories, and make exceptional products,' he said. 'I'd like to think we're able to continue getting people excited about our products.' By Rodrigo Orihuela and Clara Hernanz Lizarraga Learn more: Byredo, Paco Rabanne Owner Puig Sales Rise 8% The Spanish beauty conglomerate saw growth in all three of its divisions, which include the Dr. Barbara Sturm, Charlotte Tilbury and Carolina Herrera brands.
Business of Fashion
2 days ago
- Business
- Business of Fashion
Hong Kong Investigates Louis Vuitton Data Leak
Hong Kong's privacy watchdog said on Monday that it was investigating a data leak at Louis Vuitton affecting about 419,000 customers, just after a cyberattack on the luxury brand in South Korea in June. Leaked data included names, passport details, addresses and email addresses as well as phone numbers, shopping history and product preferences, Hong Kong's Office of the Privacy Commissioner for Personal Data said in an emailed statement. Louis Vuitton submitted the data breach incident to the office on July 17. Its French head office found suspicious activities on its computer system on June 13 and then discovered on July 2 that it affected Hong Kong customers, the statement said. The office said it had launched an investigation into Louis Vuitton Hong Kong, including whether the incident involved delayed notification. No relevant complaints or inquiries have been received so far, it said. The incident comes after a systems breach at Louis Vuitton in Korea in June led to the leak of some customer data, including contact information, but it did not involve customers' financial information, the company said. Louis Vuitton did not immediately respond to requests for comment. By Farah Master; Editor: Christian Schmollinger Learn more: Explainer: How Retailers Can Fight a New Wave of Cyberattacks A series of breaches at high-profile retailers like Victoria's Secret and Marks & Spencer is putting cybersecurity back in the foreground. BoF examines what leaves fashion businesses vulnerable and how they can protect themselves.
