×
2 480
Fashion Jobs
VIVIENNE WESTWOOD
E-Commerce Studio Operations Manager
Permanent ·
STELLA MCCARTNEY
Art Director
Permanent · LONDON
HEAD OFFICE
Cyber Security Lead – Incident Response
Permanent · BRACKNELL
JOHN LEWIS
Team Manager, Operations
Permanent · LONDON
MAJE
Assistant Area Manager - London
Permanent · LONDRES
PRETTYLITTLETHING
Cyber Security Analyst
Permanent · MANCHESTER
PRETTYLITTLETHING
Buyer
Permanent · MANCHESTER
AESOP
Retail Consultant | Fixed-Term | Part-Time | Brighton
Permanent · Brighton
PRETTYLITTLETHING
Senior Affiliate Marketing Executive
Permanent · MANCHESTER
BOOHOO
Ecommerce Trading Executive
Permanent · MANCHESTER
ESTEE LAUDER
Clinique - Consultant - Brown Thomas, Dublin - 15 Hours - Part-Time, Permanent
Permanent · Dublin
SHISEIDO
Nars Account Manager - Harvey Nichols London (37.5 Hours)
Permanent · London
ESTEE LAUDER
Clinique - Consultant - m&s Newcastle - 15 Hours - Part Time, Permanent
Permanent · Newcastle upon Tyne
ESTEE LAUDER
jo Malone London - Marketing And Consumer Engagement Director
Permanent · London
AESOP
Retail Consultant | Part-Time, Permanent | Aesop Selfridges Exchange Square, Manchester
Permanent · Central
BOOHOO
Print Sales Account Manager
Permanent · MANCHESTER
VF INTERNATIONAL
dc Team Leader
Permanent · COALVILLE
ESTEE LAUDER
Mac Cosmetics - Business Manager - Mac Stratford2, London - 37.5 Hours / Week - Full Time, Permanent
Permanent · London
HARRODS
Brand Manager
Permanent · LAKESIDE
HARRODS
Uniformed Security Officer
Permanent · LONDON
VF INTERNATIONAL
Senior Distribution Systems Specialist
Permanent · COALVILLE
ESTEE LAUDER
Bobbi Brown, la Mer And Darphin - CRM & Insights Assistant
Permanent · London
Published
Jul 4, 2018
Reading time
3 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Historic perfume house Caron is up for sale

Published
Jul 4, 2018

Caron, the oldest perfume house in France after Guerlain, is up for sale as part of a financial restructuring at parent company Alès Groupe, a Paris-listed company that owns skincare brand Liérac and hair products Phyto, sources with first-hand knowledge of the matter told FashionNetwork.com.


The house's famous fragrance "Pour Un Homme" was worn by former French president Jacques Chirac - Photo: Caron


The 114-year old French perfume brand, best known for its men’s fragrance “Pour un Homme” created in 1934; its high-quality face powders and its stores' perfume fountains, had been ideally positioned to benefit from the market’s solid appetite for authentic niche perfumes. Instead, Caron saw revenues decline from 10 million euros in 2013 to around 8 million euros in 2018, sources said on condition of anonymity. Alès Groupe has retained investment bank Lazard to help it find a buyer. Alès Groupe did not reply to requests for comment while Lazard declined to comment.

When it published full-year results in April, Alès Groupe said that it was about to break its banking covenants in terms of debt ratio and banks had given it until July 15 to renegotiate terms with creditors. It also announced plans to cut jobs in France and restructure some of its operations.

Founded in 1904, Caron is regarded as one of France’s most prestigious perfume houses with sophisticated and powdery scents such as “Narcisse Noir,” which dates back to 1911, and “Fleur de Rocaille.” Back in 2013, Romain Alès, president of Alès Groupe, said in an interview with Reuters that he aimed to boost the brand’s sales by pushing exports to Russia and the Middle East.

Caron is tiny for Alès Groupe as it makes up only around 3-4 percent of its parent’s turnover. Sources said the brand was near financial break-even but its poor performance in recent years combined with major investments in new boutiques in Paris weighed on the group’s overall finances. In 2015, Caron caved in to LVMH’s persistent demands to acquire its corner shop opposite Dior on luxury strip Avenue Montaigne, a space in which LVMH eventually put in a Dior jewellery boutique. Caron reopened another store nearby on rue François 1er.

According to brand’s website, Caron still has four stores in Paris and makes the bulk of its revenues in France.

The niche perfume space has seen a flurry of deals in the past four years with LVMH in 2017 buying Maison Francis Kurkdjian – which made at least twice the revenues of Caron or around 15-20 million euros. Before that, L’Oréal snapped up Atelier Cologne, Spain’s Puig bought Penhaligon’s and L’Artisan Parfumeur and Estée Lauder bought Editions de Parfums Frédéric Malle, Le Labo and By Kilian. Valuations have ranged from two to ten times annual sales, depending on the brand’s profitability and growth perspectives.

For many years, Alès Groupe, which has owned Caron since 1998, said the perfume brand was not for sale even though it had been approached regularly by suitors.
 
 
 
 

Copyright © 2022 FashionNetwork.com All rights reserved.