Puig to takeover Charlotte Tilbury in 2031
Puig has announced it will acquire celebrity beauty brand Charlotte Tilbury in its entirety in 2031. Until then, the founder will retain a minority stake with Puig as an extension of the companies’ strategic partnership.
The agreement includes call and put options exercisable at different periods between 2026 and 2031 and valued at a multiple of key financial metrics of the Charlotte Tilbury business.
Since Puig acquired a majority stake in Charlotte Tilbury in 2020, the brand has more than tripled its net revenue.
Marc Puig, chairman and CEO of Puig, says, “[Tilbury] has a unique, pioneering vision, differentiated from other makeup artist brands, and was already redefining the future of makeup and skin care when we first started to work together.”
“We have achieved so much since then, and it is with great pleasure that we announce the extension of our partnership. Charlotte Tilbury is an outstanding brand, and I look forward to continuing our work together to make it grow even further.”
Charlotte’s growth
According to Puig, Charlotte Tilbury is ranked as the number one makeup brand in the UK and the number one beauty brand globally for influencer advocacy “despite its highly selective distribution.”
Charlotte Tilbury will hold a minority of its business until the takeover is completed.Charlotte Tilbury, president, chairman, chief creative officer and founder of Charlotte Tilbury, says: “In 2020, we established a partnership that has been pivotal in shaping our success. I am fully convinced of the value and potential that is still to be created and captured in the upcoming years by Charlotte Tilbury.”
“Continuing this collaboration with my team and Puig feels like a natural progression, driven by the same innovation, vision and ambition that have defined this iconic brand over the years. This extended partnership is a significant step forward, enabling us to further grow and solidify the brand’s position as a leader in the world of beauty.”
Last week, Puig’s shares dropped after the company withdrew batches of its Charlotte Tilbury brand setting spray due to a quality issue. Puig said it expects the move to impact its makeup business but not its full-year performance.
The shares fell by 9%, hitting their lowest price since the company’s initial public offering in May this year. The company ended the day with its shares down 3.4% to €18.99 (US$19.99).
