Puig has acquired a majority stake in Indian Ayurvedic brand Kama Ayurveda, as the Spanish fashion and fragrance company continues to expand its wellness category.
The beauty owner, whose portfolio includes Carolina Herrera, Paco Rabanne, Jean Paul Gaultier and Penhaligon’s, has held a minority stake in Kama Ayurveda since 2019.
The Ayurvedic brand operates 54 owned stores in India and plans to increase its portfolio to more than 60 by the end of 2022.
Ayurveda is a traditional Indian medical science which focuses on the balance between mind, body, and spirit for holistic wellbeing.
“We are delighted to strengthen our partnership with Kama Ayurveda, which has become a leading brand in India, earning the loyalty of millions of discerning beauty customers with sustainable, plant-based skincare and lifestyle products,” said Marc Puig, Chairman and CEO of Puig.
“India represents an incredibly exciting opportunity for Puig, and with this investment we will continue our strategy of consolidating Kama Ayurveda’s strong domestic presence and of pursuing compelling opportunities in key markets abroad.”
Puig said it will continue to support Kama Ayurveda’s expansion into the global market, including a UK launch in early 2023.
“We are proud to be writing this new chapter in our successful partnership with Puig, which has helped accelerate Kama Ayurveda’s growth and expansion across India,” added Vivek Sahni, co-founder and CEO of Kama Ayurveda.
Kama Ayurveda is the third company to be acquired by Puig in 2022.
The beauty owner acquired a majority stake in Byredo, the Swedish fragrance and beauty brand founded by Ben Gorham, earlier this year.
A Byredo sale had long been rumoured prior to the acquisition, with L’Oréal previously being fancied as the frontrunner.
The Puig deal’s financials were not disclosed, but Byredo was recently valued at around €1bn.
Colombian natural cosmetics brand Loto del Sur was also added to Puig's portfolio this year, which will now enter the Spanish and US markets with stores in Madrid and Miami.
British make-up artist Charlotte Tilbury retained a significant minority stake and continued as Chairman, President and Chief Creative Officer.
CEO Demetra Pinsent also continues to hold a minority share.
Puig was founded in 1914 by Antoni Puig i Castelló in Barcelona.