Private equity firm TSG Consumer Partners has signed a definitive agreement to acquire fragrance brand Phlur. Financial terms of the transaction were not disclosed, though the brand is expected to generate over $150 million in retail sales this year, per CEO Elizabeth Ashmun.

According to The Business of Fashion, Phlur has emerged as a major player in the masstige fragrance market since its relaunch in February 2022 by influencer Chriselle Lim and brand accelerator The Center, founded by Ben Bennett. 

The brand’s breakthrough came with the launch of “Missing Person,” a fragrance inspired by Lim’s sense of longing during her divorce. The scent went viral on social media, particularly TikTok, and created a waiting list of 200,000 people before it even launched.

The brand has reportedly become the number two growth brand at Sephora U.S. and Canada, climbing from the top 20 fine fragrances to the top 10 in the last year. At Space NK, Phlur has broken into the retailer’s top 10 overall lines with triple-digit growth.

Sales grew 65% year-on-year in 2025, with revenue split approximately evenly between retail and e-commerce channels. The brand’s pricing strategy positions its products at accessible price points, with a 50ml fragrance retailing at $99.

Leadership Structure

Following the acquisition, Lim will continue as Creative Director and retain a meaningful stake in the company alongside The Center. Ashmun, who joined as CEO in 2024, will continue to lead the company’s operations during the transition.

“We’ve always believed fragrance is a deeply personal form of self-expression,” Lim said in a statement. “Our community values transparency, creativity, and emotional connection. TSG Consumer shares those values, and we’re thrilled to partner with them for this next chapter.”

Ashmun added: “TSG Consumer’s expertise in brands and understanding of the beauty space make them an ideal partner.”

The Phlur team, comprising approximately 20 people, will remain under TSG Consumer’s ownership. The transaction marks an exit for Prelude Growth Partners, which had been an investor in the fragrance brand.

Hadley Mullin, Senior Managing Director at TSG Consumer, indicated that Phlur was “aggressively pursued” by the firm. “It was coming up time and time again as a standout,” said Mullin, noting that TSG chooses to work with beauty brands that have been productive in existing retail channels with wider untapped distribution potential.

Colin Welch, Managing Director and Head of New York at TSG Consumer Partners, highlighted the brand’s “elegant price architecture” that “allows the brand to be profitable from a corporate standpoint while providing an accessible price point for trial.”

M&A Context

The Phlur acquisition is part of a broader trend in creator economy mergers and acquisitions, with 52 deals completed in the first half of 2025—a 73% increase over the same period in 2024. Software platforms, media properties, and influencer-led brands have led the charge, particularly in the beauty and consumer sectors.

This deal follows e.l.f. Beauty’s $1 billion acquisition of Hailey Bieber’s Rhode skincare brand and Publicis Groupe’s $150 million purchase of influencer marketing platform Captiv8, which happened in May. All three transactions maintain founders or creators in key leadership positions following the acquisition.

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