Puig, the fashion and beauty brand owner, has acquired a majority stake in Colombian natural cosmetics brand Loto del Sur.
With its range of natural products made from local Latin American flora, including vegetable soaps, candles, body care and lip balms, the brand is said to be a strong fit with the Paco Rabanne owner's sustainability commitments.
The deal will see Loto del Sur enter the Spanish and US markets with stores in Madrid and Miami, respectively, while it will also expand its Latin American presence into countries including Mexico and Chile.
It builds on the companies' existing partnership, with Puig initially acquiring a minority stake in Loto del Sur back in 2019, in a bid to grow Loto del Sur's presence globally as well as bolster the Barcelona-based company's own turnover as part of its long term growth plan.
It follows Puig's acquisition of Swedish fragrance brand Byredo earlier this year, joining the likes of Carolina Herrera, Nina Ricci and Jean Paul Gaultier in its roster as the company said it hopes to triple its 2020 profits by 2025.
Loto del Sur founder Johana Sanint will remain at the helm of the brand, which currently operates 21 stores throughout Colombia, as well as its e-commerce site.
