It has been in the air for several weeks and it’s now confirmed: Puig is taking a minority stake in Granado. “The transaction is intended to support the growth of Granado in domestic and international markets,” explained the Barcelona-hedquartered group.
The amount of the transaction has not been disclosed.
Granado, Brazil’s storied pharmacy, was founded in 1870 by Portuguese immigrant, José Antônio Coxito Granado. A pioneer in the production of high-quality natural preparations, Granado also owns Phebo, one of Brazil’s most recognized perfumery and glycerin soap brand, which Christopher Freeman, Granado’s President, purchased in 2004. Today Granado is firmly established in the Brazilian cosmetics market as an example of success, strength and steady performance.
“Puig will help us to continue with the expansion of the concept stores in Brazil and abroad – which started in 2013 in the French market, with a corner in the luxury department store Le Bon Marché,” says Sissi Freeman, Granado’s Marketing and Sales director.
“We view this agreement as the basis for a long-term partnership,” says Marc Puig, Chairman and CEO.
The current President of Granado, Christopher Freeman, will remain in charge of the company and does not anticipate any changes in the business model in the next years.