Puig Acquires Dr. Barbara Sturm
PARIS — Spanish beauty and fashion company Puig has acquired a majority stake in Dr. Barbara Sturm.
Terms of the deal were not disclosed.
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The German molecular cosmetics brand was founded in 2014 by Dr. Barbara Sturm, who is to retain a minority stake in the company. She will also stay as chief product development officer and brand ambassador.
WWD in September 2023 reported Dr. Barbara Sturm was mulling deal options, and that its annual sales were said to be around 70 million euros.
“The acquisition of Dr. Barbara Sturm reinforces Puig’s competitive position in the premium skin care segment by welcoming a globally recognized luxury cult brand developed through its digital channels and worldwide spa and boutiques network, offering high-performance treatments with deep expertise in skin care,” Puig said in a statement released Thursday.
Puig’s Dr. Barbara Sturm deal comes at a time when the European beauty scene is morphing rapidly. Kering is taking its beauty in-house and Richemont is building a Laboratoire de Haute Parfumerie.
It’s a sign of the times, as luxury-makers recognize beauty’s staying power despite the ongoing tough geopolitical and macroeconomic climate. They have been lured by its growth, resilience, desirability and margins, especially that of the luxury category, which is the fastest-growing subsegment in beauty.
Dr. Barbara Sturm has a network of spas and boutiques in its birthplace of Düsseldorf; London; New York; Miami; Los Angeles; Dallas; Jakarta, Indonesia, and Singapore.
Family-owned Puig underlined its commitment to steering Dr. Barbara Sturm’s international expansion and development.
“We are very excited to welcome a brand of the caliber of Dr. Barbara Sturm to our ‘house of love’ brands,” said Marc Puig, chairman and chief executive officer of Puig, in the statement.
“With its science-focused skin care product range and high-performance treatments, we are taking another important step in expanding our position in the premium skin care segment,” he continued. “The new partnership reinforces Puig skin care segment and our presence in the U.S.”
Sturm, an aesthetics doctor with training in sports medicine, launched the Dr. Barbara Sturm Molecular Cosmetics collection on Net-a-porter in 2014. Two years later, she launched Darker Skin Tones by Dr. Barbara Sturm with actress Angela Bassett.
The lines are stocked in Sephora, Nordstrom, Amazon and more. Bestsellers include Enzyme Cleanser, 60 euros; Hylauronic Serum, 95 euros, and Face Cream, 60 euros.
In the recent past, the brand opened two new spas in New York, one uptown on Madison Avenue and one downtown in SoHo. The treatment menu includes Super Anti-aging Facial, Exoso-metic Growth Factor Facial and the Non-surgical Facelift Facial.
“Dr. Barbara Sturm was conceived to deliver exceptional science-based and effective skin care treatments to our patients,” said Sturm, in the statement. “Partnering with Puig means a union of shared values, including curiosity, an entrepreneurial spirit and a strong commitment to innovation, product and excellence.
“Puig has a proven track record of competitive and disruptive approach to business and, by leveraging Puig’s experience in nurturing founders and fostering the global success of their beauty brands, we are primed to introduce our skin care products to wider audiences,” she added. “This collaboration will fuel us to continuously push boundaries, craft high-performance treatments, and elevate the skin care experience.”
Sturm said: “My philosophy revolves around the idea that if you protect your skin, it will protect you back. I firmly believe this reciprocal nature will define our exciting partnership with Puig.”
Puig, which registered net sales of 3.62 billion euros in 2022, that year made another major beauty acquisition — of Byredo, the Swedish prestige fragrance brand.
In December 2020, Puig said that it was shaking up its business structure and established three divisions — Beauty and Fashion, Charlotte Tilbury and Derma, which bundled three of its dermocosmetics brands — two that were Puig family-owned and sold through pharmacies, Uriage and Apavita, and Isdin, in which Puig has a 50 percent stake.
At the time, the company was underrepresented in makeup and skin care. But since, Puig has become a strong player in all three product segments.
Other skin care brands in its portfolio today include Kama Ayurveda and Loto Del Sur.
In 2022, Puig’s growth was fastest in the Americas, where sales increased 56 percent on-year to 1.31 billion euros. That turnout was primarily reinforced by business in the U.S., Puig’s largest market by sales.
Amidst its rapid expansion, the group is currently assessing all strategic alternatives for the future of the company, including the option of opening its capital to third parties via an IPO.
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