THE WHAT? Puig has announced a partnership with British make-up brand Charlotte Tilbury. The Spanish fragrance manufacturer will acquire a majority stake in Charlotte Tilbury, with eponymous founder retaining a ‘significant’ minority stake.
THE DETAILS Tilbury will continue as Chairman, President and Chief Creative Officer of the company and Demetra Pinsent will remain as CEO.
BDT Capital Partners will also invest alongside Puig and hold a minority stake. Terms of either deal were not disclosed but Bloomberg reports that the deal puts a value of US$1.5 billion on the business.
THE WHY? The acquisition of a majority stake in Charlotte Tilbury will add an established and rapidly growing make-up brand to Puig’s existing portfolio. Puig said that Tilbury’s ‘solid product portfolio and strong digital capabilities’ would reinforce its position in the color cosmetics category and make the Barcelona-based firm a strong three-axis competitor in the prestige beauty category. Meanwhile Tilbury will stand to benefit from Puig’s global footprint and operations to expand its worldwide presence.