Manzanita Capital

What Manzanita Capital does

Manzanita Capital is a London-based private equity firm founded in 2001 by Bill Fisher, specializing exclusively in the beauty sector. The firm invests in luxury and premium niche beauty brands — including perfume houses, skincare labels, colour cosmetics, and beauty retail platforms — backing passionate founders with patient family capital unconstrained by traditional fund-life timelines. Current majority or wholly-owned holdings include Diptyque (French perfume house, held since 2005), D.S. & Durga (Brooklyn fragrance house, majority stake acquired February 2024), Malin+Goetz (New York premium skincare and fragrance), Space NK (UK beauty retailer with 75 stores, divested to Ulta Beauty in 2025), and Susanne Kaufmann (Austrian luxury skincare). The firm also maintains an early-stage venture arm with positions in Glossier, Unbound, A-Frame, SuperOrdinary, and Sam McKnight. Notable prior exits include Byredo (sold to Puig, 2022), Eve Lom (sold to Yatsen), and Kevyn Aucoin (sold to Harmay), as well as a venture exit of Cult Beauty to THG in August 2021.

The firm's go-to-market centers on direct founder relationships, beauty industry networks, and event-based sourcing, with portfolio companies generating returns through e-commerce, wholesale (premium department stores such as Bloomingdale's and Nordstrom), and physical retail across the US, UK, Europe, China, Hong Kong, and Japan. Manzanita provides more than capital: it embeds at the board level to develop strategy, build operational structures for international scaling, recruit and retain talent, and supply financial, tax, and legal support. The team is lean (51-100 employees) and is led by CEO and Founder Bill Fisher (former GAP International Division president), with Fabienne Mauny (former Diptyque CEO and Byredo board member) providing deep beauty operating expertise, alongside specialists in retail, law, and finance. The legal entity is Manzanita Capital UK LLP, headquartered at 3rd floor, 43 Great Marlborough Street, London W1F 7JL.

The revenue model is private equity investment returns derived from equity ownership in portfolio companies rather than disclosed management fees, with monetization occurring primarily through strategic exits to trade and strategic buyers (e.g., Puig, Ulta, Yatsen, Harmay, THG). The firm operates with no public listing, no disclosed AUM, and no external institutional LP base, relying on patient family capital that enables long-duration ownership (Diptyque held for 20+ years) and selective, sector-deep deployment in beauty.

Name

Manzanita Capital

Legal name

Manzanita Capital UK LLP

Website

http://www.manzanitacapital.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

51–100 employees

Short description

Manzanita Capital is a London-based private equity firm founded in 2001 that specializes in acquiring and scaling luxury and premium niche beauty brands using patient family capital, with current majority holdings in Diptyque, D.S. & Durga, Malin+Goetz, and Susanne Kaufmann.

Ownership category

akta.pro rank

Product category

Private Equity / Beauty Sector Investment

NAICS

All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

Keywords

• Private equity investments
• Beauty sector investing
• Luxury brand acquisition
• Venture capital investments
• Long-term capital

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Private Equity Investment Returns: Manzanita Capital generates returns through equity ownership in portfolio companies. They invest in luxury and premium niche beauty brands, providing capital and strategic expertise to grow businesses into enduring global brands, then realize returns through eventual exit to strategic buyers.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Manzanita Capital provides long-term equity capital and active strategic oversight at the board level for luxury and premium niche beauty brands, enabling founders to scale their businesses internationally across e-commerce, wholesale, and retail channels. The firm also makes early-stage venture capital investments in beauty companies with potential to disrupt the industry. Returns are realized through eventual sale of portfolio companies to strategic buyers such as Puig, Yatsen, Harmay, and Ulta Beauty.

Product overview

Manzanita Capital is a private equity firm specializing in the beauty sector with a long-term investment horizon, backing luxury and premium niche brands. The portfolio consists of actively managed brands including Diptyque (French perfume house), D.S. & Durga (Brooklyn fragrance house), Malin+Goetz (premium skincare and fragrance), Space NK (British beauty retailer), and Susanne Kaufmann (Austrian luxury skincare). The firm also maintains venture capital investments in early-stage beauty disruptors including Glossier, Unbound, A-Frame, SuperOrdinary, and Sam McKnight. Prior notable exits include Byredo (acquired by Puig), Eve Lom (acquired by Yatsen), and Kevyn Aucoin (acquired by Harmay).

Differentiator

Problem solved

Functional benefit

Products and services

• Diptyque French perfume house famous for signature candles and exceptional fragrances, offering candles, perfumes, body and skincare products using rare and precious raw materials; owned by Manzanita Capital since 2005.
• D.S. & Durga Brooklyn fragrance house creating perfumes inspired by music, myth, and everyday objects, featuring immersive scent narratives composed by founder David Seth Moltz; majority-owned by Manzanita Capital since 2024.
• Malin+Goetz Premium skincare and fragrance brand combining trusted natural ingredients with advanced technology for the modern, design-conscious individual; current Manzanita Capital portfolio company.
• Space NK British beauty retailer curating over 100 innovative beauty brands across 75 stores in the UK and Ireland, with presence in US Bloomingdale's and Nordstrom; previously owned by Manzanita Capital until the 2025 sale to Ulta Beauty.
• Susanne Kaufmann Austrian luxury skincare brand combining natural, organic ingredients with sustainability and holistic wellbeing, featuring products manufactured in a solar-powered facility; current Manzanita Capital portfolio company.
• Venture Capital Investments Early-stage venture capital investments in beauty companies with potential to disrupt the industry, typically in first or second round of fundraising; portfolio includes Glossier, Unbound, A-Frame, SuperOrdinary, and Sam McKnight.

Named customers13 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core.

• Ulta BeautycoreStrategic or Co-development Partner · 10 July 2025Ulta Beauty acquired Space NK from Manzanita Capital. Space NK operates as a standalone subsidiary as part of Ulta's international expansion strategy. The transaction was funded through Ulta's cash reserves and credit capacity.
• D.S. & Durga FounderscoreStrategic or Co-development Partner · 1 February 2024Manzanita Capital acquired a majority stake in U.S. perfumer D.S. & Durga. Key leadership remains in place, with founders David Seth Moltz and Kavi Ahuja Moltz continuing to lead the brand. The investment aims to fund retail expansion, hiring, and international growth.
• Diptyque FounderscoreStrategic or Co-development PartnerManzanita Capital has been a shareholder of Diptyque since 2005, working with founders Christiane Gautrot, Desmond Knox-Leet and Yves Coueslant to grow the brand globally.
• Malin+Goetz FounderscoreStrategic or Co-development PartnerManzanita Capital partners with co-founders Matthew Malin and Andrew Goetz to support the New York-based premium skincare and fragrance brand.
• Susanne KaufmanncoreStrategic or Co-development PartnerManzanita Capital supports the Austrian luxury skincare brand founded by Susanne Kaufmann, focusing on natural ingredients and sustainability.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Puig: Spanish fashion and fragrance house that owns brands like Carolina Herrera and acquired Manzanita's Byredo in 2022. Comparable as a strategic acquirer and operating group in the same beauty category, but as a brand operator rather than a financial sponsor.
• Apax Partners: Global PE firm with a long history in consumer and retail/beauty investing. Comparable as a broader incumbent that has invested in beauty brands and competes for founder-led brands, but is not a vertical specialist.
• The Estée Lauder Companies: Global beauty conglomerate whose strategic investments/CVC arm co-invested with Manzanita in Vyrao (2024). Comparable as a repeat strategic acquirer and capital partner for premium indie beauty brands, and as a competitor for the same investment targets.
• Eurazeo: Large European PE firm with a dedicated Consumer/Beauty team that invests in premium brands across multiple sub-categories. Comparable as a broader incumbent that competes with Manzanita for European premium beauty deals, but operates across many sectors rather than as a pure beauty specialist.

Direct peers

• TSG Consumer Partners: Long-tenured PE firm focused on branded consumer and beauty companies (e.g., IT Cosmetics, later sold to L'Oréal). Directly comparable because of its strategy of taking meaningful minority or majority stakes in premium consumer/beauty brands and exiting to strategic acquirers.
• Silas Capital: Growth equity firm focused on consumer and beauty brands, with portfolio companies including Drunk Elephant (sold to Shiseido). Directly comparable in deal size, brand-building orientation and exit-via-strategic acquirer model.
• Castanea Partners: Consumer and beauty specialist PE firm investing in premium brands across skincare, fragrance and personal care. Directly comparable because of its narrow vertical focus on beauty, similar founder-friendly approach, and track record of brand-building exits.
• Sandbridge Capital: Consumer-focused PE/VC firm with one of the most concentrated beauty portfolios in the industry (e.g., Rare Beauty, Hailey Bieber's brand). Directly comparable because of its sector specialization, growth-equity orientation, and brand-building playbook with founder partners.
• True Beauty Ventures: A venture capital firm investing exclusively in early-stage beauty and wellness brands. Directly comparable to Manzanita's venture arm because it targets the same founder-led indie beauty disruptors (e.g., Glossier, Unbound, A-Frame-style opportunities) at earlier stages.
• L Catterton: The world's largest consumer-focused private equity firm with a deep beauty/fragrance portfolio. Directly comparable because it invests at scale across luxury and premium beauty (own brands and growth equity), co-invested with Manzanita in Vyrao, and competes for the same founder-led brands.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments9 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Manzanita Capital