PARIS — Puig said it has sold Payot, the French cosmetics and skin care company, to a group of private investors in order to focus on its core fashion and fragrance businesses.
Specific terms of the deal were not disclosed. However, Puig said the sale was made through a buyout backed by private-equity concern LBO France.
The group of private investors is led by Italian businessman Andrea Surliuga, who was the owner and chief executive officer of luxury cosmetics manufacturer and distributor GTS Group SpA.
Puig became the owner of Payot in 2001 through its acquisition of Spanish beauty firm Myrugia.
Neuilly-sur-Seine, France-based Payot was founded in 1920 and manufactures more than 200 products.