Charlotte Tilbury rethinks the terms of the agreement with Puig and this affects the merger with Estée Lauder. The British firm Charlotte Tilbury has made it known that its founder wants to know the terms of the agreement that links her with the Catalan firm Puig.
Puig acquired the famous British makeup brand in 2020 in an operation that was around 1000 million dollars and the founder kept a minority stake. The agreement contemplates different options for buying and selling shares, with the aim of Puig reaching 100% of the capital between 2026 and 2031.
For his part, José Manuel Albesa, the CEO of Puig, assured in statements at the VII Expansión International Forum, that conversations were still ongoing to finalize the terms of the negotiations with Estée Lauder and that "there is no agreement yet". The CEO also explained that the priority is to grow the 'core' profitably and bet on three-axis brands, such as Carolina Herrera and Charlotte Tilbury, "which have had very significant growth in recent years".
As explained by the newspaper Expansión, the contract signed in 2020 includes a change of control clause that would allow the founder to activate the sale of her stake under certain circumstances, which could imply an outlay that Estée Lauder would not be willing to assume.