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Puig buys up Greek cosmetics brand Apivita

By Simon Pitman+

16-Mar-2017
Last updated on 16-Mar-2017 at 09:41 GMT2017-03-16T09:41:58Z

Puig buys up Greek cosmetics brand Apivita

The Greek press have been speculating for months over who would buy up premium cosmetic brand Apivita and it has just confirmed that Puig has snapped it up.

Speculation has been growing that French cosmetics giant L’Oréal was eyeing up the brand, but in the end it was the luxury Spanish fragrance player that clinched the deal, according to multiple Greek press reports.

Puig will become a majority stake holder in the brand, which will be carried out through a share capital increase that will in turn give the Greek company’s a significant capital injection, opening up the possibility of further global expansion.

How much did it cost?

Although the terms and price tag have not been revealed, a report suggesting that the deal was sealed at Euros 40 million has been refuted by Apivita. 

Apivita has become noted as a significant player in the highly competitive European naturals markets, and has also built up a significant presence throughout Asia, the US and Australia.

Outside of Greece, it has built its mainstay business in both Spain and the United Kingdom, where its extensive range of facial care, hair care and body care products have really taken off.

Founded in 1979 by pharmacists Nikos and Niki Koutsiana, the inspiration for the range was the honeybee society and the unique Greek biodiversity, combined with a holistic approach to beauty and personal care.

Founders stay on in the business

The founders have confirmed that they will retain a 33.3% share in the business and that Nikos Koutsiana will give up his position as chief executive to become the company’s new chairman.

Apitiva comes from Latin and literally translates as “life of the bee”, reflecting the brand’s philosophy to remain busy and never stop creating value.

Currently the brand has more than 300 products in the portfolio, serving both women and men’s grooming categories. 

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