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Puig negotiating to take stake in Brazil’s Granado

Spanish fashion and fragrance firm Puig SA (owner of the Carolina Herrera, Nina Ricci and Jean Paul Gaultier brands) would be in advanced talks to buy a minority stake in Grupo Granado SA, a Brazilian manufacturer and retailer of high-end beauty care goods (under the Granado and Phebo brand names), revealed Reuters today, mentioning “four sources with knowledge of the matter”.

According to Reuters, Puig could pay about 1 billion reals (US$ 306 million) for a stake of up to 30 percent in Granado.

This participation could help the company to develop its business overseas. Granado, which already sells its products at Le Bon Marché department store in France, opened a subsidiary in Paris in September 2013, and has also gradually appeared in a few points-of-sale elsewhere in France.

The Rio de Janeiro-based company was acquired in 1998 by British investor Christopher Freeman, and successfully relaunched in 2004. Since then, it has maintained a 20% growth rate per year, while having enjoyed a special place in the hearts of all Brazilians for 145 years.

Both parties are working to announce a deal within days, said Reuters.

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