Vyrao Finalising Sale

Vyrao, the niche fragrance label known for its functional esoteric blends, is closing in on a buyer, The Business of Beauty has learned. According to a source with knowledge of the company, the business is still small, generating around $5 million in annual revenue, but it has established an ownable niche.

Founded by former fashion executive Yasmin Sewell in 2021, Vyrao’s scents appeal to traditional perfume fans as well as those interested in the worlds of spirituality and wellness: the brand sells what it calls “high vibrational scents” with names like Witchy Woo, Ludatrix and Ludeaux starting at $190. The fragrances are meant to boost mood and energy — Ludatrix and Ludeaux, for example, are marketed as improving arousal and desire. Vyrao declined to comment.

According to a source familiar with the process, both existing investor Manzanita and Waldencast, the parent company of Milk Makeup, are in talks with Vyrao. Victoria Kisseleva of London-based FRP Advisory has been appointed as Vyrao’s banker. Kisseleva and Waldencast declined to comment; Manzanita did not respond to a request for comment.

At just five years old, an exit would make it one of the fastest-selling fragrances lines in recent years. (In 2025, TSG Partners acquired Phlur, which was relaunched by The Center and Chriselle Lim five years prior.) It also has bold-faced investors, including Manzanita, L Catterton and Estée Lauder Companies.

Fragrance has become an investor darling, led by both more masstige labels like Sol de Janeiro, and super-premium names like Ex Nihilo, though overall sales growth has moderated, slowing from around 8 percent since a high of 17 percent growth in 2021, per Euromonitor.

Vyrao is available in key retailers including Liberty in the UK and Mecca in Australia, as well as tastemaking stores like Happier Grocer and Stéle in the US, with a source close to the company saying its wholesale business has grown double digits in the last year. It will soon launch in Bloomingdale’s in the US, and expand into the Middle East, South Africa and South-East Asia.

On stage at The Business of Beauty Global Forum in 2025, Sewell described how her background in fashion, working at Liberty and Browns as a buyer, put her on the path for success in beauty.

“When I was in fashion, what made me successful was tapping into my intuition and tapping into energy, which is everything that I’ve created now,” she said.

The Smell of Success

Niche perfume has been one of the beauty industry’s most dynamic categories, as customers have been willing to splurge on scents that feel subversive or under-the-radar; perfume “layering”, or wearing multiple scents at once, has become a standard practice. Brands with additional claims, such as functional fragrances like Vyrao or The Nue Company have seen fresh interest from customers interested in wellness, while labels with trending scents like Kayali’s gourmand perfumes or Snif’s Gen-Z-led offering have also seen fast success. Aside from buoyant customer interest, the category’s broader gross margins versus other categories makes it attractive to acquirers.

Vyrao could fit in many companies’ strategic goals. Waldencast’s current portfolio is light: it went public in 2022 owning both cult cosmetics label Milk Makeup and premium skincare line Obagi; in June, it sold the latter to private equity firm Bridgepoint, and its two co-founders, Michel Brousset and Hind Sebti, joined the company. With only one brand in its stable, any popular label could be additive, but scaling Vyrao to household status will require bringing in seasoned leadership to shepherd it to global scale and support interim leader Felipe Dutra. Manzanita, on the other hand, is experienced with the category: it owned hit line Byredo until Puig acquired it for $1 billion in 2022; it currently has the premium labels Diptyque and D.S & Durga in its stable.

Fragrance has been one of beauty’s most dynamic categories in the last five years, with the likes of Creed, D.S. & Durga and Phlur all being acquired, and conglomerates including Coty, Estée Lauder Companies and L’Oréal doubling down on the category, either through minority investments in emerging brands or adding new licenses. As the category’s growth moderates, strategics and private equity firms alike are moving fast, looking for brands with clear niches and the ability to make customers consistently buy more than just a single scent.

Sewell previously told The Business of Beauty that she never liked the idea of a “hero” scent for that reason.

“We’ve got seven hero scents,” Sewell said.

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