Phlur acquired by private equity firm TSG Consumer
What’s Next for the Mood-Driven Fragrance Brand?
Phlur, the indie fragrance house behind viral favourites like Heavy Cream, Missing Person and Vanilla Skin, has been acquired by private equity firm TSG Consumer for an undisclosed sum. The deal marks a major milestone for a brand that has helped shape the rise of emotionally driven, design-conscious scents that sit between niche and mainstream.
Founded in 2015 and relaunched in 2021 under the creative direction of Chriselle Lim, Phlur has gained a loyal following for its nostalgic scent profiles, accessible price points, and strong visual storytelling.
The brand is often positioned in the “masstige” space, a hybrid of mass and prestige, where fragrance is aspirational but still widely available through retailers like Sephora, Amazon, Space NK, and its own direct-to-consumer site.
Lim will continue as Creative Director and retain her stake in the business, alongside partner accelerator The Center, which supported the brand’s rebirth. Prelude Growth Partners, an early-stage investor, will exit as part of the transaction.
From the Founders and the Fund
“TSG Consumer’s expertise in building standout consumer brands makes them a natural next step for Phlur,” said Elizabeth Ashmun, CEO of Phlur, who thanked The Center and Prelude Growth for their early belief in the brand’s creative and commercial potential.
Hadley Mullin, Senior Managing Director at TSG, said the fragrance label’s blend of “authenticity, emotional storytelling and modern scent creation” makes it well-positioned for growth. The firm has previously invested in brands like e.l.f. Beauty, IT Cosmetics, and Summer Fridays, all of which have successfully scaled.
Why This Matters
Phlur has carved out a distinctive space in the current fragrance boom by turning mood into marketing, mixing nostalgia with sleek, social-media-friendly presentation. It’s a brand that lives as much in the feed as it does on the skin and in today’s scent market, that resonance matters.
The acquisition also reflects a wider trend: investor interest in fragrance is growing, particularly in brands that can scale quickly without sacrificing identity.
Will Phlur extend into new categories, like body care, home fragrance, or more elevated eau de parfums?
Can the brand retain its indie feel while expanding under private equity ownership?
What does this mean for creative direction as the brand grows beyond its US core?
TSG’s has a track record in the adjacent beauty domain and has investments in Smashbox, e.l.f. Cosmetics, IT Cosmetics, and Summer Fridays (as well as Brewdog and Revolut); all brands that successfully blended creative identity with broad consumer appeal. With Phlur joining the roster, it seems clear TSG sees continued potential in brands that bridge emotional storytelling, strong design, and mass accessibility.
