Puig takes control of the Colombian firm Loto del Sur

Puig has taken control of the Colombian company Loto del Sur, specialized in natural cosmetic products.

Thomas Osborne
Thomas Osborne
27 July 2022 Wednesday 08:00
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Puig takes control of the Colombian firm Loto del Sur

Puig has taken control of the Colombian company Loto del Sur, specialized in natural cosmetic products. The Catalan perfume multinational already had a minority stake since 2019 and today, it has taken the step to acquire a majority stake, as reported in a statement this morning.

The price of the operation has not transpired. Loto del Sur is a company that has 21 of its own stores in Latin America and is positioned in the high-end segment in the world of natural cosmetics. According to the statement, the founder is Johana Sanint, who will continue to lead the brand with the intention of keeping the business model intact.

Puig's role after this operation will consist of helping the Colombian brand to grow in the international market. The first move in this direction will be the opening of its own store in Madrid and another in Miami (USA). Later, the focus will be on growing towards Mexico and Chile.

With this operation, the family group reinforces its strategy of growing through acquisitions. In June, it bought the Swedish firm Byredo for more than 1,000 million and, two years ago, it took control of the British firm Charlotte Tilbury for another 900 million. In its catalogue, other renowned brands such as Paco Rabanne, Carolina Herrera, Jean Paul Gaultier, Dries Van Noten or Penhaligon's stand out.

Puig is confident that this latest operation will help him meet the objectives of increasing his turnover. In 2021, the family company has already exceeded pre-pandemic levels, billing 2,585 million euros, 27% more, and also returned to profit with a profit of 234 million euros.