Financial terms were not disclosed.
In 2019, the family-owned Spanish beauty and fashion company purchased a minority stake in the Indian beauty company, which was founded in 2002.
Kama Ayurveda’s offer is rooted in the traditional Indian medical practice of Ayurveda, which is based on the balance between mind, body and soul for holistic wellness.
Kama Ayurveda’s products are natural and organic. The company owns 54 stores in India and plans to operate more than 60 by yearend. Puig said Kama Ayurveda’s online presence and local brand awareness make it well poised to expand globally.
Kama Ayurveda is to launch abroad, including in the U.K., in early 2023.
Puig said it will continue offering the Indian company expertise in brand development, skin care technology and fragrance.
When Puig made the 12.5 million euro investment in Kama Ayurveda in 2019, it was given the option to increase its stake in the future. The move also gave Puig a foothold in India, including the country’s retail network.
Prior to that, Kama Ayurveda had a five-year growth thrust led by private equity firm India 2020 Fund II, which is affiliated with Lighthouse Advisors, among the country’s biggest consumer-focused private equity firms.
“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,” said Marc Puig, chairman and chief executive officer of Puig.