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Natural body care and fragrance brand Salt & Stone has hired Raymond James to explore a sale, two sources familiar with the process tell Axios Pro. 

Why it matters: The fragrance category smells like money.

Zoom in: The Los Angeles-based brand, founded in 2017 by former professional snowboarder Nima Jalali, markets itself as "the internet's favorite deodorant." 

The company also sells body wash, lotion, hand creams, and candles —priced between $20 and $56 — in scents like santal and vetiver, saffron and cedar, and black rose and oud.

Zoom out: Fragrances seem to have a hold on weary shoppers.

Coty said Tuesday it would realign to focus more on its fragrances, and that it will carry out a strategic review of its cosmetics business. That means that its well-known brands like CoverGirl, Rimmel and Sally Hansen, as well as several Brazilian brands, may soon trade hands.

Catch up quick: Salt & Stone raised $50 million from health growth equity firm Humble Growth last year, at a $143 million valuation, according to PitchBook.

Raymond James also assisted in the Humble Growth investment.

Salt & Stone is expecting revenue to hit between $125 million and $150 million this year, per Beauty Matters.

State of play: Salt & Stone joins several beauty brands, like Amika and Bubble, hoping to find the right suitor.

Yes, but: Beauty M&A started picking up over the summer, after several sales had stalled.

Earlier this month, seaweed-infused skin care brand OSEA received backing from General Atlantic, and Bansk took a majority stake in the skin care brand Byoma.

Viral fragrance maker Phlur, natural soap maker Dr. Squatch, dermatological skin care brand Medik8, and Hailey Bieber's skin care brand rhode have all found new backers.

Salt & Stone, Humble Growth and Raymond James declined to comment. 

Scoop: Salt & Stone taps Raymond James to explore sale

The fragrance category smells like money.

Illustration of a soap dispenser bottle dispensing a dollar sign shaped dollop of soap

Natural body care and fragrance brand Salt &amp; Stone has hired Raymond James to explore a sale, two sources familiar with the process tell Axios Pro. Why it matters: The fragrance category smells <a class="gtmContentClick" data-vars-link-text="like money" data-vars-click-url="https://arc-group.com/opportunities-ma-fragrance-market/" data-vars-content-id="9158e76f-6c16-435b-a512-a9274efb9618" data-vars-headline="Scoop: Salt &amp; Stone taps Raymond James to explore sale" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://arc-group.com/opportunities-ma-fragrance-market/" target="_blank">like money</a>.

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Scoop: Salt & Stone taps Raymond James to explore sale

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