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.