Representing Fidelio’s very first investment, the journey with Lyko began with the acquisition of Bellbox - a niche brick-and-mortar retailer of professional hair care products. As a small and local business with only nine retail locations across Sweden facing succession challenges, Fidelio identified an attractive opportunity to scale the company to accelerate expansion of a proven and much differentiated retail concept, as well as broaden distribution to include e-commerce, in a market supported by strong underlying tailwinds.

Following the successful implementation of key initiatives in relation to Bellbox, such as the recruitment of a new CEO and management team, a store roll-out adding ~30 locations, international expansion and several complementary add-on acquisitions, Fidelio initiated and completed the merger of Bellbox and Lyko Hair in 2014.

The merger brought together Fidelio with the founding families of Bellbox and Lyko as active co-owners, creating a leading Nordic multi-channel retailer in professional haircare and beauty. This consolidation established a market leader with significantly enhanced potential for growth and value creation.

After nearly three years, demonstrating a doubling of revenues since the merger, Lyko was successfully listed on the Stockholm Stock Exchange in December 2017. Fast-forwarding to today, Lyko has grown into an innovative and leading online destination for haircare and beauty in Europe.

Fidelio is very proud of our longstanding commitment to Lyko and continue to be engaged as an active and supportive co-owner with board representation.