Puig and Charlotte Tilbury extend partnership

Spanish fashion and beauty group Puig has announced an extension of its strategic partnership with British cosmetics and fragrance brand Charlotte Tilbury.

Puig, which acquired a majority stake in Charlotte Tilbury Limited in 2020, said that under the terms of the renewed partnership, Charlotte Tilbury will retain a minority stake in her namesake beauty brand, with the Spanish beauty group assuming full ownership by the start of 2031.

Since Puig’s acquisition, Charlotte Tilbury has more than tripled its net sales, enlarging Puig’s portfolio of Love Brands, which also includes Jean Paul Gaultier, Rabanne, Carolina Herrera, Dries Van Noten and Penhaligon’s, and helped make the Barcelona-based conglomerate the fastest-growing multi-brand beauty player.

In a statement, Puig said: “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. Together with Puig, Charlotte Tilbury will continue playing an active role in driving the brand’s long-term success and building on its leadership position in the world of beauty.”

Puig to fully own Charlotte Tilbury Limited in 2031

Charlotte Tilbury, president, chairman, chief creative officer and founder of Charlotte Tilbury Limited, said: “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 Limited.

“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.”

Charlotte Tilbury is currently ranked number one among make-up brands in the UK and the first beauty brand globally for influencer advocacy, despite its “highly selective distribution,” according to Puig.

Marc Puig, chairman and chief executive of Puig, added: “It is a privilege to continue our strong collaboration with Charlotte and her team. Charlotte has a unique, pioneering vision, differentiated from other makeup artist brands, and was already redefining the future of makeup and skincare when we first started to work together in 2020.

“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.”

The news follows Puig's recent voluntary recall of certain batches of Charlotte Tilbury's Airbrush Flawless Setting Spray earlier this month due to a routine testing protocol.