British makeup brand Charlotte Tilbury has sold a majority stake of its company to Barcelona-based Puig.
The Spanish fashion and fragrance group announced in a statement on Thursday that it would be acquiring a majority stake in the brand, while Charlotte Tilbury’s founder will retain a significant minority stake. Additionally, investing alongside Puig, the merchant bank BDT Capital Partners will also obtain a minority stake.
Charlotte Tilbury will continue her position as chairman, president and chief creative officer of her company and Demetra Pinsent will remain CEO.
The acquisition will add Charlotte Tilbury to Puig’s existing portfolio of brands, which includes Belgian label Dries Van Noten, French designer brand Jean Paul Gaultier and Parisian fashion house Nina Ricci.
Puig believes that this partnership will reinforce its position as a “strong three-axis global competitor in the luxury beauty category,” the company said. Charlotte Tilbury will also be given access to Puig’s global footprint and operations to expand its worldwide presence.
Details on the financial terms of the acquisition were not disclosed.
Photo Credit: Puig