Puig is the sixth largest company in the global fragrance market.
Key brands in the Barcelona-based company’s stable include Paco Rabanne, Jean Paul Gaultier, Carolina Herrera and Nina Ricci.
The 105-year-old stalwart also owns two of the leading names in niche perfumery – Penhaligon’s and L’Artisan Parfumeur.
But the family-owned business has suffered setbacks over the past two years, losing the lucrative Valentino and Prada fragrance licenses to L’Oréal.
Both departures made it more difficult for Puig to reach its 3 billion euro (US$3.38 billion) target in annual sales by 2025.
In an effort to fill the gaps, Puig has acquired a majority stake in the Charlotte Tilbury cosmetics brand.
Founder Tilbury will retain a minority stake and continue in her roles as chairperson, president and creative officer.
US-based merchant bank, BDT Capital Partners, acted as financial adviser on the deal and will also become a minority stakeholder.
The Charlotte Tilbury brand was founded seven years ago, and its namesake creator is one of the most famous makeup artists in the world.
The brand is available through its website and entered global travel retail just over a year ago.
Chinese sales have soared in recent years and the brand has a significant fan base in the Middle East.