Last year, The Estée Lauder Companies added a number of niche fragrance brands to their portfolio. Now LVMH is also recognizing the value, announcing a deal with Maison Francis Kurkdjian “to jointly pursue the long-term development of the fragrance House.”

Under the agreement LVMH will acquire a majority share in Maison Francis Kurkdjian. Marc Chaya and Francis Kurkdjian will continue in their current roles as chief executive officer and creative director, respectively, and will remain shareholders of the company.

Since its founding in 2009, Maison Francis Kurkdjian has specialized in creating “contemporary fragrances characterized by excellence, savoir-faire and audacity.” The House’s fragrance collection is conceived as a “fragrance wardrobe.” Kurkdjian has designed fragrances for leading names in beauty and fashion, including LVMH houses Acqua di Parma, Christian Dior, Guerlain and Kenzo.