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Spanish fashion and beauty major Puig known for global brands Paco Rabanne, Jean Paul Gaultier and Carolina Herrera, on Tuesday said it has increased its investment to acquire the majority stake in Kama Ayurveda.
The company did not reveal commercials of the deal. In 2019, it picked up a minority stake in the Ayurvedic beauty and personal care company for about ₹100 crore.
“With this acquisition, Puig reaffirms its commitment to a company and a market with vast growth opportunities in beauty and wellness products. Kama Ayurveda represents a distinctive addition to Puig’s unique brands' portfolio and strengthens its wellness category with an offer that is rooted in the traditional Indian medical science of Ayurveda,“ Puig said in a statement.
Kama Ayurveda currently operates 54 owned stores in India and plans to ramp it up to more than 60 by the end of 2022. The brand also plans to strengthen its global expansion with a foray into the UK market in early 2023.
‘Incredibly exciting opportunity’
Marc Puig, Chairman and CEO of Puig, said, “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.”
Puig added, “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.”
Vivek Sahni, co-founder and CEO of Kama Ayurveda, said, “We are proud to be writing this new chapter in our successful partnership with Puig, which has helped accelerate Kama Ayurveda’s growth and expansion across India. By leveraging the wealth of Puig’s experience in nurturing founders and growing global beauty and skincare brands, together we will bring the experience of authentic Ayurvedic beauty and wellness to new audiences.”
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