Spanish perfume and fashion company Puig will buy a majority stake in British makeup brand Charlotte Tilbury Beauty Ltd, the companies said on Thursday.
Founder and makeup artist Charlotte Tilbury will continue as the chairman of the London-based brand and Demetra Pinsent will remain its chief executive officer, the companies said in a joint statement.
Terms of the deal were not disclosed.
Bloomberg had reported on Tuesday that Puig, the firm behind Paco Rabanne perfumes, was nearing a deal which valued Charlotte Tilbury at more than $1 billion.
Puig hired BDT Capital Partners and Baker McKenzie to work on the deal, while Charlotte Tilbury was advised by Goldman Sachs, Jefferies, Freshfields and Withers.
Source: Reuters.com