Spanish beauty and fashion conglomerate Puig has acquired a majority stake in German premium skincare brand Dr. Barbara Sturm, bolstering the group’s position in the luxury skincare market. Financial terms of the deal were not disclosed, but sources close to the company say retail sales reached $150 million in 2023.

Brand founder Barbara Sturm will retain a minority stake in the business and stay on as chief product officer and brand ambassador.

Founded in 2014, Dr. Barbara Sturm has a cult following, including high-profile celebrities such as Angela Bassett and Victoria Beckham. Dr. Sturm popularised an in-clinic facial treatment known as Platelet Rich Plasma (PRP) that uses proteins from blood for an anti-ageing result. This procedure inspired a product known as MC1 cream, and positioned Dr. Sturm as a leading authority in anti-ageing, as well as anti-inflammation, another current consumer preoccupation.

Puig owns 14 brands including Charlotte Tilbury and Byredo, as well as a number of licenses. In Sept. 2023, the family-controlled group confirmed reports that it was considering an initial public offering among other strategic options.

In a statement announcing the Dr. Barbara Sturm deal, Puig said it aimed to expand the brand internationally, growing its existing network of spas and boutiques. Puig chief executive officer and chairman Marc Puig said the acquisition was an “important step” in expanding its position in the premium skincare market. Dr. Sturm said the partnership would allow the brand to reach “wider audiences”.

Beauty M&A has picked up since late last year. In Dec. 2023, Shiseido acquired skincare line Dr. Dennis Gross, while Unilever acquired K18, a hair care company with a proprietary molecular ingredient.

Editor’s Note: This story was updated on Jan. 11, 2023 to amend the number of brands Puig owns.