Puig has been on a corporate spending spree over the past two years.
In 2020, the Spanish fragrance major acquired a majority stake in Charlotte Tilbury, the iconic makeup brand. Earlier this year, Puig acquired a majority stake in cult fragrance brand Byredo and Loto del Sur, the Colombian natural cosmetic brand.
The multinational took a minority stake in Kama Ayurveda in 2019 for 12.5 million euros (AUD$18.62 million). To increase its global wellness footprint, Puig has now taken a controlling interest in the leading Indian brand.
Founded in 2002 and centred on the Indian medical science of Ayurveda, Kama Ayurveda operates 54 concept stores in India with plans for another six by the end of the year.
Puig will not only boost its chops in the wellness category with the acquisition. It will also deepen its commitment to the fast-growing Indian beauty and personal care market, which is currently worth US$24.53 billion and is expected to reach US$33.33 billion by 2027.
Kama Ayurveda’s leadership in the Indian market is also a major stepping stone to global expansion. Puig will start to roll out the brand globally to major markets by the beginning of 2023.
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, added 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.”
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