PARIS – Puig has taken a greater part stake in Loto del Sur, Colombia’s primary pure cosmetics brand name.
Economic terms of the offer ended up not disclosed.
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The spouse and children-owned Spanish natural beauty and vogue household had acquired a minority stake in the enterprise in March 2019.
Puig claimed in a assertion Wednesday that Loto del Sur, which has a array of natural products created from Latin American flora, has big development likely.
The acquisition requires put as shoppers are progressively homing in on natural magnificence merchandise.
Loto del Sur’s founder Johana Sanint will continue steering the Bogota-dependent brand. Puig stated no adjustments are expected to be built to the company’s organization model, which is created on its have retail community.
Puig claimed it remains fully commited to boosting Loto del Sur’s leadership in Latin The united states and bolstering its international expansion. The brand will be launched in Spain, with the opening of a retail store in Madrid, and in North The united states, with a door in Miami, Fla. Loto del Sur’s reach in Latin The usa will broaden, beginning with countries these as Mexico and Chile.
Courtesy of Puig
“Loto del Sur products, which are made from a mindful collection of organic components from indigenous flora, spend tribute to the large Latin American biodiversity and have sturdy roots in the regional group, via a strong community of 21 company-owned stores in Colombia,” reported Puig.
It additional that the company’s environmental and social sustainability determination fits completely with Puig’s Environmental, Social and Governance approach and 2030 Agenda, also similar to ESG.
Puig, which owns brands such as Paco Rabanne, Carolina Herrera, Jean Paul Gaultier, Dries Van Noten, Penhaligon’s, Charlotte Tilbury and Byredo, said: “The Colombian brand will add to obtaining the Spanish company’s not too long ago declared aims of doubling its 2020 turnover by 2023 and tripling it by 2025.”
Puig returned to pre-pandemic advancement levels in 2021, spurred by a confluence of elements, like robust gains in the U.S. and China, and from all a few of its divisions. It claimed in April that following the far better-than-expected outcomes final 12 months, Puig expects to attain revenues of extra than 3 billion euros in 2022, 12 months in advance of its previously declared system.
In 2021, Puig’s web profits had been 234 million euros, versus a net decline of 70 million euros the prior yr. The group’s internet sales arrived in at 2.59 billion euros, a 68 per cent attain in claimed conditions and up 40 percent on a like-for-like foundation.
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