Puig will acquire cosmetics brand Charlotte Tilbury Limited by 2031, according to reports.

The move is part of a renewed strategic partnership between the companies, which will extend until the end of 2030. Charlotte Tilbury will retain a minority stake in its beauty brand while Puig progressively assumes full ownership, per reports.

The Happi International Top 30 company acquired a majority stake in Charlotte Tilbury Limited in 2020. In that time, the brand “has more than tripled its net revenue” per reports.

Company officials said Charlotte Tilbury Limited is the “top-ranked” makeup brand in the UK and the top-ranked beauty brand “globally for influencer advocacy despite its highly selective distribution.”

“It is a privilege to continue our strong collaboration with Charlotte and her team,” Marc Puig, chairman and CEO of Puig, said in the release. “Charlotte has a unique, pioneering vision, differentiated from other makeup artist brands, and was already redefining the future of makeup and skincare when we first started to work together in 2020. We have achieved so much since then, and it is with great pleasure that we announce the extension of our partnership.”

Charlotte Tilbury, president, chairman, chief creative officer and founder of her namesake brand, said in a news release that the partnership with Puig is a “significant step forward” to cementing her brand’s position as a leader in the beauty word.

“I am fully convinced of the value and potential that is still to be created and captured in the upcoming years by Charlotte Tilbury Limited,” Tilbury said. “Continuing this collaboration with my team and Puig feels like a natural progression, driven by the same innovation, vision and ambition that have defined this iconic brand over the years. This extended partnership is a significant step forward, enabling us to further grow and solidify the brand’s position as a leader in the world of beauty.”