PARIS – Puig has taken a the greater part stake in Loto del Sur, Colombia’s top all-natural cosmetics brand name.
Monetary terms of the offer have been not disclosed.
The relatives-owned Spanish elegance and trend home experienced ordered a minority stake in the firm in March 2019.
Puig stated in a statement Wednesday that Loto del Sur, which has a range of pure products designed from Latin American flora, has large development likely.
The acquisition requires location as individuals are more and more homing in on pure elegance items.
Loto del Sur’s founder Johana Sanint will keep on steering the Bogota-primarily based brand name. Puig explained no alterations are expected to be created to the company’s organization product, which is crafted on its possess retail community.
Puig explained it stays committed to boosting Loto del Sur’s management in Latin The us and bolstering its worldwide development. The brand will be launched in Spain, with the opening of a store in Madrid, and in North The united states, with a doorway in Miami, Fla. Loto del Sur’s achieve in Latin The united states will broaden, starting with nations around the world such as Mexico and Chile.
“Loto del Sur products, which are built from a careful variety of purely natural elements from native flora, pay back tribute to the vast Latin American biodiversity and have solid roots in the local neighborhood, through a highly effective community of 21 firm-owned merchants in Colombia,” claimed Puig.
It extra that the company’s environmental and social sustainability dedication suits properly with Puig’s Environmental, Social and Governance tactic and 2030 Agenda, also connected to ESG.
Puig, which owns manufacturers which includes Paco Rabanne, Carolina Herrera, Jean Paul Gaultier, Dries Van Noten, Penhaligon’s, Charlotte Tilbury and Byredo, mentioned: “The Colombian brand will lead to obtaining the Spanish company’s just lately declared aims of doubling its 2020 turnover by 2023 and tripling it by 2025.”
Puig returned to pre-pandemic development degrees in 2021, spurred by a confluence of components, together with powerful gains in the U.S. and China, and from all three of its divisions. It reported in April that soon after the improved-than-predicted effects final yr, Puig expects to reach revenues of extra than 3 billion euros in 2022, 12 months ahead of its previously introduced strategy.
In 2021, Puig’s internet profits were being 234 million euros, as opposed to a internet decline of 70 million euros the prior calendar year. The group’s web profits came in at 2.59 billion euros, a 68 p.c get in reported terms and up 40 p.c on a like-for-like basis.