Cosmetics & Personal Care
Givaudan to acquire Myrissi 8th February 2021
As part of its long term strategy to expand its capabilities in Artificial Intelligence (AI), Givaudan today announced that it is to acquire Myrissi.
Founded in 2014 and based in France, Myrissi has developed a patented AI technology capable of translating fragrances into colour patterns and images, relevant to the consumer as well as predicting the end consumer’s emotional response.
The link between colours, emotions, and fragrances was modeled on the basis of a database of more than 25,000 consumer tests. This unique consumer-centric approach allows Myrissi to support the development of fragrances that fully echoes customers’ marketing briefs. The emotional impact of a product is enhanced by avoiding the cognitive dissonances that appear when sensory messages are not perfectly consistent. The uniqueness of the product and the brand identity are therefore amplified and this helps consumers to select a fragranced product in store or via e-commerce channels that has a higher chance to be liked.
Maurizio Volpi, President Givaudan Fragrance & Beauty said:
“The acquisition of Myrissi is aligned with our long term Fragrance & Beauty strategy; their expertise in AI will support us in proposing to our customers new visual and verbal storytelling approaches to consumers. This is particularly important in a time when e-commerce is booming. Our mission will be to support our customers to evoke the smell of their products in the most inspiring way, helping consumers to choose the product that best fits their preferences.”
Muriel Jacquot, Founder of Myrissi added: “We are very proud to join Givaudan and to bring in the platform that we have developed with success for ten years. We strongly believe that this is a great opportunity to expand our digital expertise in telling compelling fragrance stories that resonate emotionally with consumers.”
The terms of the deal will not be disclosed and Givaudan intends to fund the transaction from existing resources. The planned acquisition remains subject to formal approvals from the relevant regulatory authorities and the transaction is expected to close in the first quarter of 2021.