PARIS – Puig has taken a controlling stake in Kama Ayurveda, India’s leading Ayurvedic beauty and wellness brand.

Financial terms weren’t disclosed.

In 2019, the family-owned Spanish beauty and fashion company purchased a minority stake within the Indian beauty company, which was founded in 2002.

“With this acquisition, Puig reaffirms its commitment to an organization and a market with vast growth opportunity in beauty and wellness products,” Puig said in an announcement on Wednesday.

Kama Ayurveda’s offer is rooted in the standard Indian medical practice of Ayurveda, which relies on the balance between mind, body and soul for holistic wellness.

Kama Ayurveda’s products are natural and organic. The corporate owns 54 stores in India and plans to operate greater than 60 by yearend. Puig said Kama Ayurveda’s online presence and native brand awareness make it well poised to expand globally.

Kama Ayurveda is to launch abroad, including within the U.K., in early 2023.

Puig said it would proceed offering the Indian company expertise in brand development, skin-care technology and fragrance.

When Puig made the 12.5 million euro investment in Kama Ayurveda in 2019, it was given the choice to extend its stake in the longer term. The move also gave Puig a foothold in India, including the country’s retail network.

Prior to that, Kama Ayurveda had a five-year growth thrust led by private equity firm India 2020 Fund II, which is affiliated with Lighthouse Advisors, among the many country’s biggest consumer-focused private equity firms.

“India represents an incredibly exciting opportunity for Puig, and with this investment we are going to proceed our strategy of consolidating Kama Ayurveda’s strong domestic presence and of pursuing compelling opportunities in key markets abroad,” said Marc Puig, chairman and chief executive officer of Puig.