Barcelona-based fashion and fragrance company Puig has snapped up Charlotte Tilbury in a deal that could have valued the company at up to £1bn.

The UK-based makeup and skincare entrepreneur personally owned between half and 75% of her self-named beauty empire before signing the deal with Puig, which the Guardian reports will “likely have handed her a cash pay-out worth tens of millions of pounds”.

While Tilbury will continue to own a “significant stake” in the company and act as chair, president and creative officer, she will no longer be its biggest shareholder.

On the deal, Tilbury said: “I’ve always dared to dream and create magic through beauty. I’m proud to be joining forces with Puig in a strategic partnership that will help us achieve our limitless ambitions.

“We’ve reached a pivotal point in our growth since launching seven years ago and we’re looking forward to unlocking new opportunities with Puig, which is the perfect partner as we build an iconic brand to last.”

Puig, which owns brands such as Paco Rabanne, Jean Paul Gaultier and Nina Ricci, is thought to have fought off rival bids for Tilbury from the likes of FMCG giant Unilever and large beauty corporations such as L’Oréal and Japan-based Shiseido.

This follows the trend of large corporations snapping up personally owned and led health and beauty brands, including Parisian luxury conglomerate LVMH snapping up Rihanna’s Fenty Beauty in 2017 and Coty’s $600m acquisition of Kylie Jenner’s cosmetics brand last year.