Puig confirms majority stake in Charlotte Tilbury
Full terms of the deal remain undisclosed, although Puig is thought to have made an offer valuing the business as at much as $1 billion (£794m).
Private equity firm BDT Capital Partners, which acted as financial advisor to Puig, will invest alongside Puig and hold a minority stake.
The brand’s founder Charlotte Tilbury will also own a minority stake. She will continue to serve as chairman, president and creative chief officer. Demtra Pinsent is to remain chief executive officer.
Commenting on the acquisition, Tilbury said: “I’ve always dared to dream and create magic through beauty. I’m proud to be joining forces with Puig in a strategic partnership that will help us achieve our limitless ambitions. We’ve reached a pivotal point in our growth since launching seven years ago, and we’re looking forward to unlocking new opportunities with Puig, which is the perfect partner as we build an iconic brand to last.
“Puig drives some of the world’s most distinctive premium fashion and fragrance brands and has always inspired me with how it innovates and reimagines brands through storytelling and creativity, and its respect for founder-led brands like mine. I feel like I’m home”.
Marc Puig, Puig chairman and CEO added: “We are beyond excited to partner with Charlotte and her team and support them in the next stage of developing the brand. We are proud to welcome Charlotte Tilbury to our family which marks a key milestone in our ambition to develop a strong make-up and skincare business”.
Charlotte Tilbury generated sales of £101 million in the year to 31 December 2018, booking profits of £3.5 million.
The business joins Puig’s growing portfolio of fragrance and fashion brands, which also includes a majority stake in Belgian designer label Dries Van Noten, a selection of owned brands such as Paco Rabanne and Nina Ricci and Carolina Herrera and fragrance license partnerships with Christian Louboutin, Comme des Garçons, Adolfo Domínguez and Prada.
London-based Charlotte Tilbury has been backed by US venture capital firm Sequoia since 2017.
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