Charlotte Tilbury has sold her make-up company to Puig.

Charlotte Tilbury

Charlotte Tilbury

The Spanish fashion and fragrances business has bought a majority share in the cosmetics company - which make-up artist Tilbury founded seven years ago - but she retains a significant stake and will continue to act as chair, president and chief creative officer.

Demetra Pinsent will remain its chief executive officer.

Puig - which also owns Paco Rabanne, Jean Paul Gaultier and Nina Ricci - fought off competition from Unilever, L'Oréal and Shiseido Corporation to buy the controlling share in the company.

Terms of the deal have not been disclosed but it is expected to value the company at more than £1 billion.

Charlotte said: "I've always dared to dream and create magic through beauty. I'm proud to be joining forces with Puig in a strategic partnership that will help us achieve our limitless ambitions. We've reached a pivotal point in our growth since launching seven years ago, and we're looking forward to unlocking new opportunities with Puig, which is the perfect partner as we build an iconic brand to last."

Marc Puig, chairman and chief executive officer, added: "We are beyond excited to partner with Charlotte and her team and support them in the next stage of developing the brand."