Puig buys majority stake in Greek cosmetics company Apivita
Spanish group Puig’s parent company Exea has acquired a majority stake in Greek natural cosmetics company Apivita through its parent company Exea for an undisclosed sum.
According to Spanish newspaper El Periódico, the Catalan family will take control of the business, while its current founder and chief executive Nikos Koutsianas will be new chairman. The Koutsianas family will retain a 33.3% stake in the company.
Apivita was founded in 1972 in Athens and specialises in the development of natural cosmetics based on propolis, honey, plant extracts and essential oils.
According to Exea, the cosmetics brand fits perfectly with the diversification strategy defined by the family-owned group and has annual revenue of nearly 40 million euros.
The Greek company has a presence in several European markets, including Greece and Spain, and sells its products in drugstores, department stores and its own stores.
The company has also an important R&D department which focuses on chemistry, pharmacy, biology and cosmetology developments.
Copyright © 2022 FashionNetwork.com All rights reserved.