L Catterton, the private equity firm backed by LVMH, has acquired a minority stake in French luxury perfume brand Ex Nihilo. The investment aims to support international expansion, particularly in the U.S. Financial details were not disclosed, but sources indicate the deal exceeds 200 million RMB ($27.7 million) and is set to close in Q1 2026. Founded in Paris in 2013, Ex Nihilo has grown from nine to 78 fragrances. Ex Nihilo entered mainland China in 2024 via SKP Select Beauty and launched a Hong Kong flagship in 2025.

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