Puig is in the final stages of talks to purchase a minority stake in Brazilian Grupo Granado, according to a report published by Reuters.

The Brazilian prestige manufacturer and retailer is said to be keen to grow internationally, after opening a branch in Paris some three years ago, and a partnership with Puig could help it achieve this goal. Meanwhile, Puig is looking to up its presence in the Brazilian market.

Reuters’ sources claim that Puig is looking at investing BR1 billion for up to a 30 percent stake. The deal is expected to be announced in the next few days.