Group 1 - LVMH Group's private equity firm L Catterton has acquired a minority stake in the French high-end perfume brand EX NIHILO, with the investment amount expected to exceed 200 million yuan, and the transaction is anticipated to be completed in Q1 2026, pending regulatory approvals [1] - EX NIHILO, founded in 2013, has expanded its fragrance offerings from 9 to 78, with prices ranging from $165 to $365, and is known for its collaborations with artists and modern French aesthetics [1] - In recent years, LVMH has invested in several niche high-end perfume brands, including BDK Parfums, Vyrao, and Maison Berger, indicating a strategic focus on the growth potential of these brands [2] Group 2 - LVMH's perfume and cosmetics segment is one of the few areas still experiencing growth, with revenue of 4.08 billion euros in H1 2025, showing a slight increase of 1% in Q2, while overall group revenue has declined [3] - The luxury market is shifting from oligopoly to a more diversified landscape, with brands focusing on product innovation and service improvement to enhance competitiveness [4] - The expansion of the fragrance market and the increasing consumer base have prompted not only luxury groups but also major beauty companies like L'Oréal and Estée Lauder to invest in the fragrance sector [3][4]

Core Viewpoint - LVMH Group, through its private equity firm L Catterton, has acquired a minority stake in the high-end French perfume brand EX NIHILO, signaling confidence in the growth potential of niche luxury fragrance brands [1][4]. Group 1: Investment Details - The investment amount for the acquisition of EX NIHILO is estimated to exceed 200 million yuan, with the transaction expected to be completed in the first quarter of 2026, pending regulatory approvals [1]. - EX NIHILO was founded in 2013 and has expanded its fragrance offerings from 9 to 78, with prices ranging from $165 to $365 [3]. Group 2: Market Position and Growth - LVMH has been actively investing in niche high-end perfume brands, including BDK Parfums, which has seen a sales growth of over 40% in 2025 and operates over 250 stores globally [3][4]. - The perfume and cosmetics segment of LVMH generated revenue of 4.08 billion euros in the first half of 2025, with a slight increase of 1% in the second quarter [5]. Group 3: Industry Trends - The luxury perfume market is expanding, with major beauty companies like L'Oréal and Estée Lauder also making acquisitions to strengthen their positions [5]. - The luxury market is shifting from oligopoly to a more diversified landscape, with a focus on product innovation and service improvement as key competitive factors [5].