Corporation Exea Empresarial, the industrial holding company of Puig, has acquired a majority stake in the Greek skin care brand
Corporation Exea Empresarial, the parent company of Puig, has acquired a majority stake in Greek natural skin and hair care brand Apivita.
Terms of the deal were not disclosed but Puig confirmed with Cosmetics Business that Exea the industrial holding company of the Puig family had made the acquisition and Puig itself has not acquired any share in Apivita.
Exea owns the Puig fragrance and fashion group as well as stationery and electronics company Flamagas and skin care product manufacturer Isdin.
The founders of Apivita are reported to be retaining a 33.3% share in the business.
Apivita, which means ‘life of the bee’ and is a contraction of the Latin words Apis and Vita, was founded in 1979 by pharmacists Nikos and Niki Koutsiana.
Nikos Koutsiana will transition from Chief Executive to company Chairman.
Bee-derived ingredients have played a key role in the brand’s formulas with the first Apivita product containing royal jelly, propolis and honey.
The brand’s best selling products worldwide are said to be its face masks, which replace water with natural organic infusions including organic green tea.
Apivita’s range boasts more than 300 beauty products with formulations containing 85%-100% natural ingredients.