Puig has taken a majority stake in Kama Ayurveda, India’s first authentic Ayurvedic health and beauty brand.
The financial terms of the agreement were not disclosed.
In 2019, the Spanish family-owned fashion and beauty company acquired a minority stake in the company, founded in 2002.
"With this acquisition, Puig re-creates and affirms its commitment to a company and market that offer vast growth opportunities in the beauty sector," Puig said in a statement Wednesday morning.
The offering of Kama Ayurveda is rooted in the traditional Indian healing art of Ayurveda, which is based on balancing the body, mind, and soul for holistic health.
Kama Ayurveda products are natural and organic. The company has54 stores in India and plans to open more than 60 stores by the end of the year.
Puig says Kama Ayurveda’s online presence and local brand awareness make it well-positioned to expand globally.
Kama Ayurveda will launch overseas, including the UK, in early 2023. Puig said he will continue to provide Kama Ayurveda with his expertise in brand development, skincare technology, and perfume.
When Puig invested 12.5 million euros in Kama Ayurveda in 2019, they had the option to increase their minority stake in the future. The move also gives Puig a strong foothold in India, including in the country’s retail network.
Prior to that, Kama Ayurveda experienced a five-year growth run led by private equity firm India 2020 Fund II, which is affiliated with Lighthouse Advisors, one of the country’s largest private equity firms.
"India presents an extremely exciting opportunity for Puig, and with this investment, we will continue Kama Ayurveda's strategy of strengthening its strong domestic presence and pursuing exciting opportunities in key overseas markets," said Marc Puig, president, and CEO of Puig, in the statement.