The move marks the debut investment for Eurazeo Brands, the firm’s fifth investment division launched in May 2017 to invest in consumer and retail brands with global growth potential.
Nest Fragrances was founded in 2008 by Slatkin. Based in New York, the company offers a collection of more than 30 home and fine fragrances sold in luxury department stores, leading specialty retailers and upscale boutiques, as well as on QVC and nestfragrances.com.
Slatkin will continue in her role as founder and executive chairman and Nancy McKay will continue to be chief executive officer.
“We are delighted to partner with Laura and Nancy to accelerate Nest’s growth across product categories, channels and geographies,” said Jill Granoff, CEO of Eurazeo Brands. “The company’s successful track record to date and global growth prospects make Nest Fragrances the ideal first investment for Eurazeo Brands. Nest has developed a very strong brand that resonates with a broad consumer base driven by its compelling fragrances, distinctive packaging and accessible luxury positioning.”
The firm’s majority investment, along with a minority investment from Slatkin, will be used to diversify product offerings, build consumer awareness and expand across retail and digital channels to meet the demands of an existing loyal customer base and increase access to global consumers.
Eurazeo Brands aims to invest a total of $800 million in high potential U.S. and European consumer companies with differentiated brands across a wide range of verticals including beauty, fashion, home, wellness, leisure and food.
“Eurazeo Brands is the optimal partner for the growth of our business,” said Nancy McKay, CEO of NEST Fragrances. “We are very proud of our momentum thus far, and our evolution to a true lifestyle brand with strong self-purchase and gifting components. With Eurazeo’s retail and brand building expertise and extensive international reach, we are well equipped to scale and expand our core business built on superior quality and luxury experiences.”
“The chemistry and shared vision with Eurazeo was undeniable,” added Slatkin. “Our new partnership brings together seasoned experts, many with over 25 years of experience in developing global luxury brands. I have tremendous respect for Jill Granoff and Virginie Morgon, Eurazeo’s Deputy CEO, and we are excited to tap into their expertise for our next chapter of growth.”