Marionnaud, an iconic brand in the perfume industry in France, is set to change hands after more than twenty years under Hong Kong ownership. The anticipated buyer is neither an investment fund nor a luxury giant, but a French entrepreneur already well-established in the beauty sector. A look back at a deal that reshapes the landscape of selective perfumery in Europe.
BEHN, the acquisition vehicle behind the purchase of Marionnaud
When reading the headlines, one name often stands out: David Konckier. However, the buyer of Marionnaud is not directly the Bogart Group, of which he is the majority shareholder and CEO. It is the company BEHN, created by David Konckier, that is leading the takeover project.
Why this distinction? Because a dedicated investment vehicle allows for the legal separation of the Marionnaud operation from the rest of the activities of the Bogart Group, which is listed on Euronext Paris. In practical terms, BEHN can structure its own financing, negotiate its own banking terms, and manage the debt related to the acquisition without affecting Bogart’s consolidated accounts.
This setup is not trivial. It indicates a desire to control financial risk while maintaining oversight of operational strategy. David Konckier is acting here in a personal capacity, via BEHN, and not as an agent of the Bogart Group. This information was detailed in the acquisition of Marionnaud on Zaturelle with details of this legal architecture.
David Konckier and the Bogart Group: profile of the buyer
David Konckier leads the Bogart Group, a French player in the beauty and perfume industry. The group is primarily known for its accessible perfume brands and its historical presence in selective distribution. Konckier is both the CEO and majority shareholder of this listed company.
You may know Bogart without realizing it: its perfumes are found in numerous stores, both in France and internationally. With the acquisition of Marionnaud, Konckier would shift from a supplier-distributor role to that of owner of a large-scale retail network.
An already engaged European integration strategy
The Marionnaud operation did not come out of nowhere. A few days before the announcement of exclusive negotiations with CK Hutchison, the Konckier family finalized the acquisition of the German distributor Stadtparfümerie Pieper, completed on July 1, 2026. This close timing reveals a plan for consolidation on a European scale.
Pieper in Germany, Marionnaud in France (and in other European countries): the two acquisitions form a coherent network. The goal is to create a distribution group in perfumery capable of competing with the industry’s leaders.
CK Hutchison sells Marionnaud: reasons for divestment
CK Hutchison, a Hong Kong conglomerate, has owned Marionnaud since the mid-2000s. On July 6, 2026, the group confirmed that it had initiated the necessary information and consultation procedures for a change of shareholder.
This decision is part of a broader movement. CK Hutchison has restructured several of its assets in recent years, refocusing its investments on other sectors. Marionnaud was no longer a priority strategic focus for the conglomerate.
For Marionnaud, coming under the control of a French player specialized in beauty changes the game. Under CK Hutchison, the brand was part of a diversified portfolio (ports, telecoms, distribution). With BEHN and David Konckier, it would join a group whose core business is precisely perfumery.
A process still underway
It should be noted: at the time of writing, the sale is not yet finalized. CK Hutchison and BEHN are in exclusive negotiations, meaning no other candidate can position themselves. The process of information-consultation with employee representatives is ongoing, a mandatory step before any final signature.
- Exclusive negotiations were announced on July 6, 2026
- The social and economic committee (CSE) must provide its opinion before finalization
- No official transaction amount has been publicly disclosed
Marionnaud after the acquisition: what could change for the stores
Marionnaud operates a dense network of perfumeries in France and several European countries. The brand generated a revenue of 536 million euros, making it the second player in selective perfumery in France.
With a buyer rooted in the beauty industry, several transformation axes are emerging:
- A potential alignment between the brands in the Bogart portfolio and the Marionnaud shelves, with exclusives or dedicated launches
- A revamp of the digital strategy, identified by several observers as a weak point for the brand against the competition
- Better integration of the supply chain thanks to synergies with Pieper in Germany
The real test will be BEHN’s ability to invest in the stores while modernizing the online experience. Marionnaud has a strong physical network, but competition has taken the lead in online commerce and omnichannel customer experience.
A return under French ownership
The acquisition of Marionnaud by BEHN would mark the return of the brand under French control, after more than two decades of ownership by an Asian group. This change of ownership has symbolic significance in a sector where France remains a global reference.
The finalization of negotiations is expected in the coming months, once internal consultations are completed. The European selective perfumery market is undergoing a consolidation phase, and this operation is the clearest illustration of 2026.