Puig confirms Charlotte Tilbury buy

Spanish beauty and fashion group Puig has confirmed the acquisition of a majority stake in the Charlotte Tilbury beauty brand, in a deal which is said to have valued the business at £1bn.

Tilbury, the leading make-up artist who established the brand in 2013, owned between half and 75% of the business before the Puig deal and has retained a minority stake and will continue as chairman. Other shareholders included Mario Testino, Stella Tennant and Wendi Murdoch, though it is not known if they have all cashed out.

“I’ve always dared to dream and create magic through beauty. I’m proud to be joining forces with Puig in a strategic partnership that will help us achieve our limitless ambitions. We’ve reached a pivotal point in our growth since launching seven years ago, and we’re looking forward to unlocking new opportunities with Puig, which is the perfect partner as we build an iconic brand to last," said Tilbury.

Puig is said to have fought off rival bids from L'Oreal, Unilever and Shiseido to land the brand which is known for cult products such as Airbrush flawless foundation, Pillow Talk lipstick and Magic Cream moisturiser.

Fans of the Charlotte Tilbury brand include Amal Clooney, Kylie Minogue and Penelope Cruz while Kate Moss has collaborated with Tilbury on a fragrance. Tilbury has amassed 3.5m followers on Instagram where she shares tips from her years in the trade.