PARIS — Natura & Co.’s venture capital fund Fable Investments has increased its stake in Perfumer H, the fragrance brand of perfumer Lyn Harris, in order to help extend its product line, bolster its management team and support expansion in Asia.
Harris, a former Robertet perfumer who founded the London-based fragrance brand Miller Harris in the ’90s, today operates Perfumer H out of England with her husband, Christophe Michel. The nine-year-old brand combines natural ingredients and refillable options.
Fable Investments’ first-ever deal was with Perfumer H, in late May 2021, when it took a minority investment in the activity. Terms of the new stake were not disclosed, but Fable generally invests between 2 million euros to 10 million euros in beauty companies.
Fable executives originally made the investment in Perfumer H, since they saw in Harris someone who broke the mold. She developed a library of fragrances and has an ability to combine exceptional workmanship with a sense of real creativity. Her concept has been built on circularity, with refillable perfumes and candles.
In a statement, Fable Investments said Perfumer H’s development accelerated in 2022. The brand doubled its top line then and opened a first freestanding store outside of the U.K., in Paris’ Marais district, as well as a counter at Le Bon Marché department store.
Perfumer H stores are slated for Taiwan and Hong Kong in the first half of this year.
Harris said she’s “excited to strengthen the outstanding partnership initiated with Fable Investments to continue to build on our unique refillable proposition in the fragrance world and expand our retail concept globally.”
With Fable, Natura & Co. initially planned to make 10 to 15 minority investments in small brands that already have proof of concept and a strong direct-to-consumer offering. Fable considers holding on to investments longer than the traditional private equity three-to-five years.
Beside Perfumer H, Fable Investments has taken stakes in beauty and well-being companies such as Maude, Stratia and Loli Beauty.
For Natura & Co., which operates three major brands, smaller investments may provide footholds in new markets. There is also the possibility of acquiring some of the investments at some point down the road.