SPANISH fashion company Puig has purchased Charlotte Tilbury’s makeup empire.

The celebrity makeup artist, Charlotte Tilbury sold her namesake makeup and skincare empire as part of a deal that could have valued the company at over €1 billion.

The 47-year-old owned between 50-75% of the company until signing a deal with Barcelona based Puig, which will likely have got her a payout worth tens of millions of euros.

The London born make up artist will continue to own a significant stake and to act as Chair, President and Chief Creative Officer, but will no longer be the biggest shareholder.

The Brit isn’t new to Spain however, as she grew up on the Balearic island of Ibiza.

The Spanish firm which was set up in 1914 also owns brands such as Paco Rabanne and Jean Paul Gaultier.

They’re also thought to have fought off rival bids from other corporate giants, such as Unilever and L’Oreal.

Tilbury said: “I’ve always dared to dream and create magic through beauty. 

“I’m proud to be joining forces with Puig in a strategic partnership that will help us achieve our limitless ambitions. 

“We’ve reached a pivotal point in our growth since launching seven years ago, and we’re looking forward to unlocking new opportunities with Puig, which is the perfect partner as we build an iconic brand to last.”

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