Life After Acquisition with Dr. Barbara Sturm

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Life After Acquisition with Dr. Barbara Sturm
Vogue BusinessBeautyDr Barbara Sturm
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The German doctor sold her brand to Puig in January 2024, and has since taken on the role of chief product development officer and brand ambassador of her namesake brand.

Change is afoot at Dr. Barbara Sturm, the German skincare brand acquired by Puig in January 2024, joining a portfolio that includes Rabanne, Carolina Herrera, and Charlotte Tilbury. That looks like deeper investments in scientific research, refreshed ingredients, and a new product pipeline.

“The acquisition has given us greater resources and freedom to invest more deeply in research and development . My work is driven by science and collaboration with leading doctors and scientists around the world, always with a focus on inflammation, regeneration, and longevity,” Dr. Sturm tells me over Zoom. “The acquisition has allowed us to grow globally in a much more structured and thoughtful way. We now have greater operational and strategic support, which frees us to focus more on innovation and education.” Puig’s investment in Dr. Barbara Sturm bolsters its skincare category, which is the group’s smallest but second fastest growing, delivering €551 million in sales in 2025. It includes other premium skincare labels such as Uriage, Apivita, Kama Ayurveda, and Loto del Sur. Dr. Barbara Sturm is the group’s first luxury skincare acquisition that’s scientifically backed and founded by a doctor. Dr. Sturm launched her brand in 2014, and has grown a large following around her molecular skincare. Puig paid an undisclosed amount for the brand, which at the time of the acquisition, was reported to be doing around €70 million in sales, but has declined to comment on specific numbers. “When we buy or partner with a brand like this one, it takes time to bring it to the level that we think it should be,” said chair and CEO Marc Puig during the group’s 2025 full-year earnings call in February, responding to a question about the brand’s future. For Puig — which competes against conglomerates Estée Lauder Companies , L’Oréal Group, and Shiseido — the purchase is an investment in one of skincare’s key trends: science-backed, ingredients-led products that emphasize results. “Brands with a compelling value proposition and a combination of transparency, science-backed claims, and authentic engagement will outperform in the long run,” says Seb Barbero, SVP of consumer and retail M&A at EY Capital Advisors. In her new role at the brand — as chief product development officer and brand ambassador — Dr. Sturm retains a minority stake, but has moved away from daily operations to focus on product R&D. Here, she speaks about life after the acquisition, how she prepared the brand for sale, and stepping into her new role. Vogue: In stepping down as CEO, how have things evolved for the business? And do you miss overseeing every little detail? No, I don’t miss being the full owner. I don’t have a big ego, so I just want the brand to be in a good place. I actually enjoy watching the potential of the brand getting big. we have our own product development team, and I’m in touch with so many experts and scientists all the time. Puig has an enormous scientific research center and they’re doing amazing things for the brand , all these trials on products. I have a couple of projects that are in the works, but it’s tricky because its new ingredients and Puig are helping me figure it out. The acquisition has allowed us to grow globally in a much more structured and thoughtful way. We have greater operational and strategic support, which frees us to focus more on innovation and education. I’ve stayed very connected to my patients and community, because real-life skin concerns always guide innovation. We are exploring cell signaling and deeper regenerative pathways. Research is not just lab-based, it is informed by consumer health behavior, wellness data, and real-world biology. Vogue: You developed the vampire facial in 2003, which has since been widely replicated. What’s the next big thing you’re working on? The basics of everything in skincare come back to inflammation. If you minimize inflammation, you protect the skin and its cell structure, its immune function, and long-term health. Exosomes are part of that same scientific evolution, and we’ve just launched our Exoso-Metic Face Serum. Exosomes are immunomodulatory, which help regulate cellular communication and support repair — that is very different from simply exfoliating or stimulating the skin aggressively. I work with anti-inflammatory proteins and regenerative treatments. When I translated that knowledge into aesthetics, it led to treatments like my vampire facial, which was based on growth factors and immune-modulating proteins. When this came to market, it was new and disruptive, so the consumer is always changing and adopting new methods. Consumers no longer want just surface benefits. They want products that behave like treatments and exosomes are cellular messengers. They influence communication between cells. That is transformative because it supports repair instead of merely masking concerns, shifting from cosmetics to cellular wellness. Vogue: The skincare market is so saturated, peptides and exosomes are already everywhere. How are these new product developments different? Our Exoso-Metic collection uses lab-synthesized exosomes and epidermal growth factors, made with recombinant protein technology. They’re bioidentical to what our bodies naturally produce, but created in a controlled, ethical way. This allows us to deliver precise, powerful results — calming inflammation and rejuvenating the skin on a cellular level, which is incredibly effective. Exosome technology is amazing for anyone who wants next level anti-aging support and superior skincare ingredient science that helps stimulate collagen and enhance elastin production. I created the Peptide Serum with a high concentration of biomimetic peptides, which stimulate collagen production and support the skin’s extracellular matrix. Unlike topical collagen, peptides trigger surface-level cascades that deliver deeper, visible results. One key ingredient, octapeptide-3, helps relax muscle contractions for a Botox-like effect, while others act like personal trainers that encourage your skin to build, store, or bank collagen over time. Our Peptide Serum improves collagen production up to 63% and elastin production up to 90%. We launched the two products now because the consumer’s understanding of exosomes and peptides at the cellular level has matured scientifically. Vogue: Taking a brand to acquisition level is a challenge, was being acquired always on the cards for you? For me, it was just important to grow the brand, and I’m very competitive and ambitious. So I was working my ass off basically. I don’t like to lose. My mission was to solve real skin biology problems and the rest followed from relentless focus on integrity, transparency, and clinical proof. Being acquired was never the goal for me. My focus was always on building something meaningful that’s grounded in science, integrity, and real results for my patients and community, rather than creating a brand with an exit in mind. Vogue: What was the biggest learning curve in being acquired? What advice do you have for newer or smaller brands, who are looking to get acquired? We never built the brand to be acquired. We worked with the team we had and scaled step by step. When we brought in our first investor, private equity firm Keyhaven Capital, in 2019, we hired a CMO and started to structure the business more formally. My advice to younger brands is to focus on building something truly differentiated and meaningful. Do not build with the intention of being acquired, but build because you believe in what you are creating. What’s also really smart is to make sure you have a great CFO and a great operation set-up, so it’s easier when get to the administrative stage. I was more focused on growing the business than keeping all the administrative things in order. Keep track of everything and overlook every detail. If you have a business degree, make sure are run smoothly. I would also sometimes do a forensic check with the numbers and on your CFO. Don’t just trust — I think that would be my advice to people who want to be acquired and also grow your business to a nice size. Vogue: How did you decide it was the right time to sell the brand? And what was so compelling about Puig’s offer? A lot of companies were waiting for me to sell, and I got approached long before we finally sold. Puig is still a family-led business, and I always like that because they lead by heart. I didn’t want to work with someone who was just out for money. They also acquired Charlotte Tilbury, so there were a few cases before me that I could talk to. It wasn’t just a commercial decision, but one rooted in alignment and trust — it’s like selling your baby and you want someone to take it seriously. Puig shared my values around innovation, excellence, and long-term thinking, and I felt they truly understood the soul of the brand. At that moment, it felt right to partner with someone who could help take the brand further without compromising its integrity. We wanted a partner who could scale responsibly without diluting the science or luxury positioning. Puig also has a proven track record of competitive and disruptive approaches to business, and by leveraging their experience in nurturing founders and fostering the global success of their beauty brands. They were also uniquely respectful of our science foundation and ethos. Vogue: How long do you see yourself being at Dr. Barbara Sturm? Does it feel scary to have your name on the door, but you’re not the sole owner? I don’t think about it because I’m not living in the future. A name’s just a name, right? I could get married again or something, I’m only joking. I feel quite relaxed about it all and for at least five years, so they know what I would do and the way I work. But let’s see, I might stay longer. I will continue working with the brand for as long as I feel I can contribute meaningfully, creatively, and scientifically, which is very much the case. Of course, letting go of some control is emotional, but it doesn’t feel scary because the values, science, and integrity of the brand are fully respected. I’m still deeply involved where it matters most. Vogue: Have you considered launching a new line or project that’s separate to Dr. Barbara Sturm? I’m working on a few things, but they’re all supporting the business. I’m always curious and open to new ideas, especially when it comes to science, health, and longevity. But right now, my focus is very much on the work I’m doing today. I like to live in the moment and prefer to let things evolve naturally rather than plan too far ahead.

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