(Reuters) - Spanish perfume and fashion company Puig will buy a majority stake in British makeup brand Charlotte Tilbury Beauty Ltd, the companies said on Thursday.
Founder and makeup artist Charlotte Tilbury will continue as the chairman of the London-based brand and Demetra Pinsent will remain its chief executive officer, the companies said in a joint statement.
Terms of the deal were not disclosed.
Bloomberg had reported on Tuesday that Puig, the firm behind Paco Rabanne perfumes, was nearing a deal which valued Charlotte Tilbury at more than $1 billion.
Puig hired BDT Capital Partners and Baker McKenzie to work on the deal, while Charlotte Tilbury was advised by Goldman Sachs, Jefferies, Freshfields and Withers.
Reporting by Bhargav Acharya in Bengaluru; Editing by Amy Caren Daniel