PARIS — LVMH Luxury Ventures Fund I has taken a minority stake in buzzy French niche fragrance brand BDK Parfums.

Financial terms of the deal were not disclosed.

The investment by LLV marks the first time BDK has opened up to external investors and comes at a time when perfume is the beauty industry’s fastest-growing product category. Within that, niche fragrances lead the charge.

“The idea of this minority stake was to be able to develop the brand,” said David Benedek, founder and chief executive officer of BDK Parfums. That includes international and retail expansion, as well as new products with a continuing to focus on creativity, innovation and sustainably growing the team in Paris.

He began by talking to Joël Palix, founder of boutique consultancy Palix Unlimited, who becam

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