PUIG Means to Raise €2.5 Billion in Initial Public Offering

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Photo: PUIG

Puig, the iconic family-run beauty conglomerate, is making headlines with its bold move into the world of public trading. 

The Spanish company, known for its luxurious brands like Charlotte Carriage, Paco Rabanne, and Byredo, has announced plans for an initial public offering (IPO) on the stock exchanges in Barcelona, Madrid, Bilbao, and Valencia.

With 14 brands under its belt and a slew of fragrance licenses, Puig is aiming high with hopes to raise a whopping €1.25 billion ($1.3 billion) in its primary round of IPO. 

But that's not all – they're eyeing an even larger secondary offering that could push their total fundraising to over €2.5 billion. 

Image: PUIG

And here's the kicker: the Puig family isn't relinquishing control. They'll maintain a majority stake in the company and the lion's share of voting rights.

This strategic move comes on the heels of Puig's stellar financial performance in 2023, boasting a 19% increase in net revenues totalling €4.3 billion ($4.6 billion). 

Their net profit soared to €465 million ($503 million), marking a 16% rise from the previous year.

Marc Puig, Chairman of Puig, emphasized the significance of this decision, calling it a "decisive step" in the company's 110-year history. 

He highlighted the importance of striking the right balance between family ownership and market accountability, citing the need for "right balanced governance" during a "generational change."

"We believe that by marrying our legacy as a family-owned company with the accountability of being a public entity, we can better position ourselves to thrive in the global beauty market," Marc Puig commented. 

He pointed out that going public will align Puig's corporate structure with other top-tier, family-owned companies in the premium beauty sector, such as L'Oréal and Estée Lauder.

But Puig isn't stopping there. 

The company has its sights set on expanding into skincare and cosmetics, with a strategic focus on nurturing brands it wholly owns rather than relying on licenses. 

In fact, a whopping 95% of Puig's revenues last year came from brands they either fully own or have a majority stake in, like Paco Rabanne and Nina Ricci.

Recent acquisitions, including luxury skincare brand Dr. Barbara Sturm, demonstrate Puig's commitment to growth and innovation. 

"Our unique and innovative DNA has attracted leading pioneers and brands,"

Marc Puig remarked, emphasizing Puig's long-term vision for building premium brands.

While fragrance remains Puig's cash cow, skincare emerged as the fastest-growing segment in 2023, with revenues skyrocketing by 31%. 

And with a history of profitability backing them up, Puig is poised to make waves in the beauty industry and beyond. 

Stay tuned as this iconic Spanish brand embarks on its next chapter of evolution and expansion.

 


    

                                   
                              Written by Jane Brown 

Jane Brown is on a mission to transform mindsets and elevate success. Dive into her world of audacious thinking and unlock the keys to a greater you.                                                                      

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