After a week of leaks and rumors, Spain’s Puig group confirmed that it had acquired a majority stake in the British make-up and skin care brand launched in 2013.

British make-up artist Charlotte Tilbury, who founded the brand, will rollover “a significant minority stake.” Mrs Tilbury will continue as Chairman, President and Chief Creative Officer of the company. Current CEO Demetra Pinsent will also remain at the head of company.

Merchant bank BDT Capital Partners is also participating in the operation and will hold a minority stake in the brand.

With this acquisition, Puig adds an established and rapidly-growing makeup and skincare brand to their existing portfolio of fashion, fragrance and luxury beauty brands.

The entry of a brand as compelling as Charlotte Tilbury, with a solid product portfolio and strong digital capabilities, will reinforce Puig position in the category and make Puig a strong three-axis global competitor in the luxury beauty category. Charlotte Tilbury also will be able to access Puig global footprint and operations to expand its worldwide presence,” said Puig in a statement.

Financial details of the deal have not been released, however, according to press reports Puig could have paid an amount that would value Charlotte Tilbury at around US$ 1 billion (about £ 790 million or EUR 890 million).