Leste Group has acquired a "significant stake" in Prestige Cosmetics, where it will be focused on working to accelerate Prestige's international expansion. Financial terms of the private transaction were not disclosed.
Prestige Cosmetics is the exclusive distributor in Brazil for a number of luxury perfume, fragrance, and skin care brands including Clinique, Dolce & Gabbana, Salvatore Ferragamo, Bulgari, Tom Ford, Acqua di Parma and Bond No. 9.
Emmanuel Hermann, CEO and founder of Leste Group, said, "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. The acquisition further demonstrates our extensive knowledge of the private markets, and we look forward to utilizing this experience to continue growing our private equity portfolio.”
Evelyse Britto, founder of Prestige Cosmetics, said, "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. Leste shares our vision for the future, and we look forward to capitalizing on their financial expertise and industry knowledge to identify new opportunities and markets moving forward.”
!['Mented is a very strong addition to the West Lane platform of beauty and wellness businesses, and we are excited to work with [co-founder] KJ [Miller] and the team to continue providing high quality products to Mented's loyal customer base,' said Michael Wentz, a vice president at West Lane.](https://img.gcimagazine.com/files/base/allured/all/image/2024/04/370162342_682917563865368_4553016856103776370_n.66268d872fb63.png?auto=format%2Ccompress&fit=crop&h=191&q=70&rect=0%2C0%2C1080%2C1080&w=340)
