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Puig has snapped up a majority stake in beauty and wellness brand Kama Ayurveda, as it seeks to strengthen its foothold in the Indian market.
Kama Ayurveda is rooted in the ancient Indian medical science of Ayurveda, which focuses on holistic wellbeing. Co-founded in New Delhi in 2002 by Vivek Sahni, who is now CEO, the brand has acquired a following for its largely vegetarian and vegan products, made with natural and organic ingredients (such as the bestselling $70 Kumkumadi Miraculous Ayurvedic Night Serum or the $61 Kumkumadi Brightening Face Scrub).
The brand is currently distributed in India only. It operates 54 owned stores in India, with plans to operate more than 60 by the end of 2022. In addition, it’s distributed in the wholesale channel. Puig, which has held a minor stake in the brand since 2019, will support its expansion into global markets including the UK in early 2023, the Spanish conglomerate said in a statement. It did not disclose the financial terms of the acquisition.
The Indian beauty and personal care market was worth $15.36 billion in 2021, up from $14 billion in 2020, according to Euromonitor.
“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,” Puig chairman and CEO Marc Puig said in the statement.
The Spanish conglomerate is adding the Swedish fragrance brand to its roster as it builds a high-end luxury positioning.
Puig, which posted sales of €2.58 billion last year, has been on the acquisition trail — adding to a portfolio that already includes Carolina Herrera, Nina Ricci, Paco Rabanne, Charlotte Tilbury, Jean Paul Gaultier and fragrance licences of Christian Louboutin and Comme des Garçons. In May, it acquired a majority stake in Byredo, the luxury fragrance and lifestyle brand founded in Sweden that has built a cult following selling gender neutral fragrances in sleek packaging. It also took a majority stake in Colombian natural cosmetics brand Loto del Sur in July.
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