BUSINESS

Spain’s Puig lands Greek cosmetics firm Apivita

DIMITRA MANIFAVA

TAGS: Business

Despite the compelling rumors, it is Spain’s Puig and not France’s L’Oreal that is the new owner of Greek natural cosmetics company Apivita, as the latter announced on Thursday.

The Spanish group will enter Apivita as a majority stakeholder via a share capital increase, bolstering the Greek firm’s capital adequacy.

The transaction price is not known, while an Apivita source refuted reports speaking of 40 million euros.

Company founders the Koutsianas family will retain a 33.3 percent stake and hitherto chief executive Nikos Koutsianas will be the new chairman.

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