In a surprising move, renowned skin care brand Payot has been sold to a French private equity firm.
Iconic salon skin care brand Payot has been acquired by LBO France, who recently bought an 80 per cent stake in the company, via its private equity fund, Hexagone III.
Payot will now run under a new management team, to be headed up by Italian entrepreneur, Andrea Surliuga, who is the former chief executive of Dibi Cosmetics.
“Payot Australia warmly welcomes LBO France and would like to thank our previous parent company, PUIG, for their guidance and support over the years,” said Payot Australia managing director, Clive Smith.
“We’re looking forward to seeing all the new and exciting opportunities our customers will receive with LBO France,” emphasised Smith.
Last year, the company posted revenues of more than $35million in 2013 and is estimated to be currently valued at around $64million.
As for how the change will affect Payot Australia, moving forward, Smith said:
“It’s business as usual for us here in Australia, as we’re number one in the world for Payot per capita and the fourth largest market out of seventy around the world.”