Heraldo de Madrid - David Konckier Acquires Marionnaud Network to Expand Bogart Retail Presence

David Konckier, the principal shareholder of the Paris-listed cosmetics and perfume manufacturer Bogart, has finalized the acquisition of the European beauty retailer Marionnaud. The transaction was completed on November 5 through Konckier’s company, Behn, which executed the purchase in a personal and individual capacity. The financial terms of the deal were not disclosed.

The acquisition places control of the Marionnaud network, which operates 687 shops across eight European countries and generates approximately €650m in annual turnover, under Konckier’s direct influence. This move significantly expands his retail footprint beyond the Bogart Group, whose own turnover stood at €263.9m in 2025. The strategic intent behind the purchase is to create operational synergies between the two entities, particularly by leveraging Marionnaud’s extensive distribution network to sell Bogart’s proprietary brands.

"A key element of this strategy will be to develop synergies between the various entities headed by David Konckier, particularly with the Bogart Group’s distribution business," a press release regarding the acquisition stated. While the April perfumeries, which are part of Bogart’s portfolio and operate in Belgium, France, and Luxembourg, were not directly integrated into Marionnaud during the transaction, Konckier has announced intentions to bring the businesses closer together.

The scale of the acquired network dwarfs that of Bogart’s existing retail operations. Marionnaud employs 4,200 people and operates a significantly larger physical presence than Bogart’s retail segment, which accounted for €216m, or 81.8%, of the group's total turnover in 2025. However, Bogart reported that its retail sales declined by 7.6% in 2025, attributing the drop to weak consumer spending in Europe, particularly in France.

The transaction involves complex corporate structures rooted in Luxembourg and the Netherlands. Prior to the sale, Marionnaud Holdings 1 B.V., a Dutch entity, was wholly owned by Marionnaud Investments, a Luxembourg-based company. Hutchison Whampoa Luxembourg Holdings, the sole shareholder of Marionnaud Investments, initiated information and consultation procedures for a change of ownership on July 1, 2026.

Financial records from Marionnaud Investments reveal that the value of its stake in the Dutch subsidiary had been severely impaired prior to the sale. The investment was originally recorded at a gross value of €2.256bn. Following several write-downs, the carrying amount was reduced to €773.1m by the end of 2023 and further to €687.1m by the end of 2024. In 2025, the company wrote down the remaining €687.1m, reducing the asset's value to zero. These cumulative write-downs reflect accounting estimates of the asset’s recoverable amount rather than the sale price.

During the period between the announcement of negotiations and their conclusion, Hutchison made three contributions to the Luxembourg holding company totaling €120.641m in the form of receivables from Hutchison Whampoa Europe Investments. These funds were almost entirely allocated as a share premium. Documents do not confirm whether these contributions financed the sale.

The acquisition marks a significant shift for Konckier, who is best known as the main shareholder in Bogart. Through Behn, he now controls a network with turnover nearly three times that of Bogart’s. In Luxembourg, where Marionnaud had previously been absent from the market, the stakes extend beyond Konckier’s existing 19 April perfumeries, which comprised 19 outlets in the Grand Duchy at the end of 2025. The country remains central to the transaction not only through Konckier’s local operations but also as the home of the holding company that previously controlled Marionnaud and detailed the accumulated impairment losses prior to the change in ownership.

F.Cabrera--HdM