The strength of fragrance has spurred investor interest, and recent deals in the category involve Bibbi, Vyrao, Ex Nihilo, and D.S. & Durga. During a panel discussion on fragrance at Beauty Independent’s Dealmaker Summit EU/UK on Monday, the panelists universally expressed optimism about the future of luxury fragrance deal flow. They explained that the high prices of luxury fragrances are attractive to investors and buyers as is the ability of fragrance brands to build immersive worlds that connect deeply with customers.

Javier Ferran, the chair of Diageo who sold his stake in the fragrance brand Creed to Kering in 2023, says a top-tier fragrance brand “really needs to be timeless. Ideally this timelessness will come from distinctiveness, whether it’s emotional, whether it is related to packaging…Most strategics in consumer groups want to buy things that on average are more premium than what they already have and grow faster than what they already have.”

To understand whether investors and investment bankers broadly agree with the sentiments shared on the Dealmaker Summit EU/UK panel, for this edition of our ongoing series posing questions relevant to indie beauty, we asked 10 of them the following: Do you believe fragrance will be the fastest-growing prestige category next year? What do you anticipate for investment and M&A in fragrance heading into 2025? What are challenges and opportunities in the category for investors and strategic buyers?