The niche brand, founded by former fashion buyer Yasmin Sewell, has closed its second round of funding with Manzanita Capital and Estée Lauder’s corporate venture capital arm also participating.

Niche perfume maker Vyrao is readying for its next stage of growth. Today, it announced a significant minority investment from L Catterton, the LVMH-backed private equity firm.

L Catterton’s growth investment fund, Elevate Beauty, led the round. Also participating were Manzanita Capital, the family office of the Gap magnate Bill Fisher, and Estée Lauder Companies’ corporate venture capital arm, New Incubation Ventures, who also invested in its seed round in 2022. Financial terms were not disclosed.

Vyrao ticked a few boxes for L Catterton, including price and distribution, said Cori Aleardi, founding partner at Elevate Beauty. A 30ml bottle of one of its seven fragrances costs $120, making the brand premium enough to sit in the booming prestige category, but not prohibitively expensive. Vyrao also has a broad wholesale network including Mecca in Australia, Saks in the US and Liberty in the UK. 

Aleardi said it also stood out because of its collectible appeal. Customers tend to shop multiple fragrances from the line, rather than having the business concentrated around a single best-selling scent, she said.

“You can’t just rely on one signature scent anymore ... [brands] have to create an environment where consumers can wardrobe their scents,” said Aleardi. That’s been the thought from the start for Vyrao founder Yasmin Sewell, who launched the line in 2021 after holding top buying roles at fashion retailers such as Browns and Liberty. She said she had never liked the idea of a singular signature fragrance. 

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

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