Spanish beauty giant Puig has acquired of a majority stake in Dr. Barbara Sturm, the luxury skincare brand founded by the namesake doctor.
SEE ALSO: Puig Asia revenues up 41 percent in 2022, reinforces India presence
Financial terms of the deal were not disclosed.
Founded in 2014, Dr. Barbara Sturm boasts a curated portfolio of luxury skincare products spanning skincare, body and hair care, and supplements.
As part of the agreement, Dr. Sturm will retain a minority stake and continue leading the brand’s product development as chief product development officer and brand ambassador.
“The acquisition of Dr. Barbara Sturm reinforces Puig’s competitive position in the premium skincare segment by welcoming a globally recognized luxury cult brand developed through its digital channels and worldwide spa and boutiques network, offering high-performance treatments with deep expertise in skincare,” said Puig, which also owns fashion brands Carolina Herrera, Rabanne, Jean Paul Gaultier, Dries Van Noten, and Nina Ricci, as well as beauty brands Byredo, Penhaligon’s, L’Artisan Parfumeur, Kama Ayurveda and Loto del Sur.
It also holds the beauty licenses of Christian Louboutin, Benetton, Banderas and Adolfo Dominguez, among others.
In 2022, Puig said global revenues increased by 40 percent to EUR 3.62 billion euros (USD 3.9 billion), coinciding with a double-digit surge in its Asia market, as the company reinforced its presence in India during the twelve months.
Puig Asia revenues, which accounted for 10 percent of total revenues, surged 41 percent in 2022 to EUR 349 million, compared to the previous year. In China, the most relevant market in the region and a top 10 market for Puig, the company achieved 36 percent growth, even with the zero-Covid measures in place.
During the year, the company also incorporated Indian brand Kama Ayurveda, reinforcing the presence of Puig in India with a network of its own shops.