Leste Group, a worldwide alternative investment manager, has announced its acquisition of a significant stake in Prestige Cosmetics through its private equity division. Prestige Cosmetics, a prominent distributor of high-end fragrances and cosmetics in Brazil, and expanding its footprint in North America, financial terms were not disclosed.
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Prestige Cosmetics holds exclusive distribution rights in Brazil for several upscale fragrance, skincare, and cosmetics brands such as Clinique, Dolce & Gabbana, Salvatore Ferragamo, Bulgari, Tom Ford, Acqua di Parma, and Bond No. 9. Additionally, the company has substantial operations beyond Brazil, and Leste aims to collaborate with its management to expedite its global expansion efforts.
“North America is the largest beauty market in the world, and we’re confident our private equity investment in Prestige will help bolster its expansion in the region as the Company prepares for its next stage of growth,” said Emmanuel Hermann, CEO & Founder of Leste Group.
“Our partnership with Leste Group will enable us to increase Prestige’s global distribution network, strengthen our retail footprint and e-commerce channel, form new brand partnerships, and explore additional strategies to further enhance our business,” said Evelyse Britto, Founder of Prestige Cosmetics.
