Manzanita Capital Acquires D.S & Durga

Originally founded by David and Kavi Moltz in 2009, D.S & Durga has a cult following, leaning heavily on its origins in Brooklyn, NY. With subversive, playful branding – some top-selling fragrances are named Debaser, I Don’t Know What and Grapefruit Generation – the brand rode the wave of the niche perfumery boom to global success.

Manzanita, the family office of the Fisher family, previously invested in Byredo, which it sold to Puig in 2022 for a rumoured $1 billion, and also owns the fragrance brand Diptyque. Prestige fragrance is a buoyant category – sales increased 12 percent in 2023, according to market research firm Circana.

The Moltzes will remain in their existing leadership roles, and initial investors Monogram Capital are still shareholders. Funds raised will be used to expand D.S & Durga’s retail footprint, hiring new talent and for international expansion.

In a statement, David Moltz described Manzanita as “pretty good at retail and stuff,” adding that the partnership will be “wicked good”.

Editor’s Note: This story was updated on Jan. 31. 2023, to correct D.S & Durga’s year of founding.

Learn more:

The Thinking Behind Beauty’s Latest M&A Wave

With a limited number of targets on the market, strategics and private equity firms are rushing to snap up the most promising brands.