Puig and Charlotte Tilbury have inked a deal to extend their partnership until the end of 2030. Under the terms of the renewed agreement, the make-up artist and brand founder will retain a minority stake, with the Spanish beauty and fashion conglomerate “to progressively assume full ownership until the beginning of 2031”.
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 business.
According to Puig, Charlotte Tilbury will continue playing an active role in driving the brand’s success.
Puig acquired a majority stake in Charlotte Tilbury Limited in 2020. In the meantime, according to the Spanish group, the brand has more than tripled its net revenue. Launched in 2013, Charlotte Tilbury today is ranked #1 makeup brand in the UK.
In a harsh economic context for luxury brands, the Spanish group delivered net revenue of EUR 1,257 million in the third quarter 2024, up +11.6% like-for-like, exceeding analysts’ expectations. Sales were mainly driven by the fragrance category. Makeup grew +7.3% in Q3. The category saw strong growth in EMEA and improving performance in the Americas while APAC continued to show softness. For the nine-month period of 2024, Makeup recorded a net revenue of EUR 535 million (16% of Puig’s net revenue in the period), an increase of +1.4% on a constant perimeter basis against 2023.
