Puig is counting down to 2031 by when it will have assumed full ownership of the phenomenally successful Charlotte Tilbury business. The Spanish beauty giant took a majority stake in the brand in 2020 and the label has seen its revenue rising more than threefold since then.

Brand founder Charlotte Tilbury retains a minority stake but will scale that down by the end of 2030 and by the start of 2031 Puig own it outright.

Puig chairman and CEO Marc Puig said that it’s a “privilege” to continue its collaboration with Tilbury and her team when he announced the extension of the partnership, also calling it “an outstanding brand”.

Tilbury certainly does seem to have the Midas touch for getting women of all ages to buy her luxury priced products. In Puig’s Q3 report, it said that overall Puig make up sales rose 7.3% to €22.6 million with Charlotte Tilbury leading the charge, seeing particular strength in EMEA and the US.

The brand has become a celebrity must-have and scores hugely well on social media. 

That’s despite issues like last week’s Puig share price drop after it voluntarily withdrew batches of Tilbury’s Airbrush Flawless Setting Spray globally over quality issues. It said at the time that the withdrawal will have an impact on its make-up business’s performance but won’t materially impact its overall full-year performance.

The shares fell as much as 9% at one point and while such quality issues can happen to any brand, the share price drop certainly underlines the importance of the Charlotte Tilbury label in the Puig portfolio.

In a statement regarding the extended deal, Tilbury said: “I am fully convinced of the value and potential that is still to be created and captured in the upcoming years by Charlotte Tilbury Limited. Continuing this collaboration with my team and Puig feels like a natural progression, driven by the same innovation, vision and ambition that have defined this iconic brand over the years. This extended partnership is a significant step forward, enabling us to further grow and solidify the brand’s position as a leader in the world of beauty.”