Manzanita Capital, the family office that owns Diptyque and Malin+Goetz, acquired a majority stake in Brooklyn-based niche fragrance brand D.S. & Durga. Monogram Capital Partners invested in the brand in 2018, and helped build out its team, four retail stores, e-commerce footprint, and global distribution. Together, they have brought on Manzanita to further accelerate growth.

WHO: Brooklyn-based niche fragrance brand D.S. & Durga, founded in 2008 by husband-and-wife duo David and Kavi Moltz, marries just the right level of creativity with wearability, creating a series of commercial blockbuster fragrances.

Manzanita Capital, the family office of the Fisher family, is a specialist investor focused on developing luxury and premium beauty companies into enduring global brands. Unconstrained by strict investment horizons, its long-term perspective is backed by patient family capital. The firm's current portfolio includes Diptyque, Space NK, Malin+Goetz, and Susanne Kaufmann. They also have investments in Glossier, Unbound, Haircare by Sam McKnight, A-Frame, and SuperOrdinary.

WHY: D.S. & Durga will use the capital and experience with building like-minded brands to expand its retail footprint with additional brick-and-mortar DSD locations, further its international reach, hire top talent, and continue to innovate and grow its product offerings, among other initiatives.

IN THEIR OWN WORDS: Says David Seth Moltz, "Kavi and I and our OG partner Monogram Capital are excited to join forces with Manzanita. We're hoping that their expertise and our fire will create a volcanic explosion of aroma from East to West to Mars and beyond."

DETAILS:

• Manzanita Capital acquired a majority stake in D.S. & Durga.
• Existing investors Monogram Capital invested in the business in 2018 and will remain shareholders. 
• Co-founders David and Kavi Moltz will stay in their existing roles to lead creative through its next phase of growth.
• D.S. & Durga is a BeautyMatter FUTURE50 brand with a projected 2023 full-year expected revenue range of $10 to $20 million.
• In 2023, Manzanita participated in SuperOrdinary's $58 million Series B funding round. 
• Puig acquired a majority stake in Byredo from Manzanita, which invested in the brand in 2013. 
• In 2022, Hair by Sam McKnight had secured funding to accelerate growth from Manzanita Capital and other investors. In 2021, Yatsen Holding Limited, the parent company of C-Beauty unicorn Perfect Diary, acquired Eve Lom from Manzanita Capital and sold Kevyn Aucoin Beauty to Chinese beauty retailer Harmay.
• In 2020, Forma Brands acquired Lipstick Queen from Manzanita-owned Space Brands.