Puig increases its stake in Charlotte Tilbury as it heads towards its next results presentation

Madrid – Puig has faced the setback of unsuccessful integration negotiations with US beauty giant The Estée Lauder Companies (Estée Lauder). The Spanish fashion and beauty multinational, owner of representative brands such as Carolina Herrera, Jean Paul Gaultier and Paco Rabanne, continues to perform as an independent listed company. This performance has led it to further expand its stake in Charlotte Tilbury. The group is now heading towards its next results presentation and, beyond that, the unveiling of its new strategic plan.

Delving into the two dimensions shaping the Spanish company's immediate present and future, we begin with the makeup and beauty products firm. On June 4, 2020, during the Covid-19 pandemic and before its IPO, Puig announced one of its largest operations: the acquisition of a majority stake in the British makeup and skincare company Charlotte Tilbury. This move allowed it to deepen its presence in the strategic makeup and facial care segment. The Spanish company later specified that the acquisition was made by purchasing 76.40 percent of Prado Investments, a company through which it gained control of 73.11 percent of Charlotte Tilbury.

Based on these percentages, alongside the initial transaction, Puig had agreed to various call and put options for the remaining minority stakes in both Prado Investments and Charlotte Tilbury, with an expiry date set before the end of the 2025 financial year. The funds raised from the company's IPO were earmarked for exercising these rights. This led to the company agreeing on March 1, 2024, to purchase the remaining 26.3 percent of Prado Investments Limited held by BDT Champion Holdings. The transaction was completed with the purchase of the remaining minority shares of Prado Investments Limited, which then came under 100 percent ownership of Puig. This made Puig the sole owner of 73.11 percent of Charlotte Tilbury. This percentage increased to 78.5 percent following Puig's acquisition of an additional 5.4 percent of Charlotte Tilbury shares on July 25, 2024, for approximately 214.81 million euros (245.5 million dollars).

Regarding the remaining 21.5 percent of the company still held by minority shareholders and the founder, British entrepreneur and makeup artist Charlotte Tilbury, Puig announced on December 17, 2024, that it had reached an agreement to extend its strategic collaboration with the British entrepreneur. This was presented to capital markets and investors as an agreement to extend the window for call options on the remaining capital of the cosmetics company from the end of 2025 to the end of 2030. During this period, until the end of the 2030 financial year, Puig will progressively assume full ownership of Charlotte Tilbury. The Spanish listed company specified that the business should be under its complete ownership by early 2031.

To this end, at the close of its last financial year 2025, which the company reported on February 18, 2026, Puig indicated that for the new 2026 financial year, it had various options for the purchase of Charlotte Tilbury shares. It had agreed to mobilise funds of around 351.35 million euros to meet these obligations. A significant portion of this amount has already been allocated, as reported by the Spanish financial newspaper El Economista, to purchase operations carried out by Puig last May. These transactions have reportedly increased the Spanish company's stake to nearly 85 percent of Charlotte Tilbury.

Charlotte Tilbury, cornerstone of increasingly strategic makeup division

According to documents accessed by FashionUnited from the official UK company register, Charlotte Tilbury updated its corporate registration information in a filing on June 2. This filing reported a series of sales and acquisitions of company shares. These changes confirm that on May 21, while still in negotiations with Estée Lauder, Puig had increased its stake in Charlotte Tilbury. Despite doubts reportedly raised during the unsuccessful negotiations with Estée Lauder, Puig continues to view the company as an increasingly strategic part of its business model.

In this regard, Charlotte Tilbury is not only the company's most valuable brand but also the cornerstone of its entire makeup segment. Puig highlighted at the close of the 2021 financial year that, thanks to the consolidation of Charlotte Tilbury, the group's makeup division saw its year-over-year turnover soar by +153 percent, from 163 million to 413 million euros. As a latest update, these revenues surged to 844.75 million euros at the close of the 2025 financial year. This represents a +10.71 percent increase compared to the 763 million euros generated by Puig's makeup division in 2024, and a +418.25 percent rise from the 163 million euros the division represented in 2020.

Following the publication of these latest results, Puig provided an update on April 28, reporting its sales results for the first quarter of 2026. For the three-month period ending March 31, Puig achieved widespread sales growth across its different business lines. 'Fragrance and Fashion' reached 897.2 million euros (+0.1 percent); 'Makeup' reached 170.8 million euros (+3.3 percent); and 'Skincare' reached 147.3 million euros (+2.1 percent). These performances highlight the significant weight of fragrances within its business model. They also underscore the value of its 'Makeup' and 'Skincare' divisions as growth drivers for the company.

Next results presentation on July 30

To understand the extent and evolution of these growth drivers during the complex start of 2026, Puig has scheduled the presentation of its first-half financial results for July 30. The results will be announced after the markets close. Following this, Puig is scheduled to report its third-quarter turnover performance on October 26. This will be followed by the presentation of its new strategic plan during its much-anticipated first 'Capital Markets Day' as a listed company. The event, originally scheduled for last April, was postponed indefinitely amid negotiations with Estée Lauder. It is now set for October 28.