Spain's Puig buys majority stake in makeup brand Charlotte Tilbury

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.