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PARIS — Puig and Charlotte Tilbury have extended their partnership, whereby the Spanish beauty and fashion company will progressively assume full ownership of the label by the start of 2031.
Puig acquired a majority stake in Charlotte Tilbury Ltd., a brand with a large digital footprint, in 2020 in a deal valued at an estimated 1.2 billon pounds. The namesake makeup artist meantime has maintained a minority share in her color cosmetics and skin care brand.
Since Puig’s acquisition, Charlotte Tilbury Ltd. has more than tripled its net sales, according to Puig in a statement Tuesday. Puig said Charlotte Tilbury enlarged the group’s portfolio of brands and helped make the company the fastest-growing multibrand beauty player.
“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,” Puig said in a statement, which added that Tilbury will continue to have an active role in driving the brand’s business.
Charlotte Tilbury is currently ranked number one among makeup brands in the U.K. and the first beauty brand globally for influencer advocacy, despite its highly selective distribution, according to Puig.
“In 2020, we established a partnership that has been pivotal in shaping our success,” said Tilbury, who serves as chairman, chief creative officer and founder of Charlotte Tilbury Ltd. “I am fully convinced of the value and potential that is still to be created and captured in the upcoming years by Charlotte Tilbury Ltd.
“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,” she continued. “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.”
Products from Charlotte Tilbury
Courtesy of Puig
Marc Puig, chairman and chief executive officer of Puig, said: “Charlotte 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 in 2020.”
On Jan. 1, 2021, Puig reorganized its business structure, establishing three divisions: Beauty and Fashion, Charlotte Tilbury and Derma.
When Puig released its third-quarter earnings on Oct. 29, it said the makeup category had in the period returned to positive growth territory.
“The sell-out for the largest brand within makeup, Charlotte Tilbury, remains strong with double-digit growth in its largest markets, EMEA and the Americas,” the company said.
In the fourth quarter, the segment’s growth was expected to face a tougher comparison because of the pipeline sell-in related to the entry of Charlotte Tilbury into Ulta at the end of 2023.
Puig’s 11.6 percent like-for-like sales gains to 1.26 billion euros in the three-month period ended Sept. 30 beat market expectations. The Barcelona-based company owns brands such as Jean Paul Gaultier, Rabanne, Carolina Herrera, Dries Van Noten and Byredo.
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