Puig is Going Public

Puig, the Spanish beauty and cosmetics giant, is planning to go public on the Barcelona, Madrid, Bilbao, and Valencia Stock Exchanges, marking the biggest flotation in the sector in years.

The Barcelona-based company owns a range of premium brands including Charlotte Tilbury, Byredo, Dries Van Noten, Paco Rabanne, Carolina Herrera, Jean Paul Gaultier, and its most recent acquisition, Dr. Barbara Sturm.

According to a regulatory filing, the family-owned firm aims to raise €1.25 billion in a primary share sale while shareholders look for more than €1.25 billion in a secondary offering. The exact number of shares being listed has not been revealed, but Puig is hoping to raise more than €2.5 billion.

“Today’s announcement is a decisive step in Puig’s 110-year history,” expressed Marc Puig, chairman and chief executive officer of the company. “Thanks to our strategy of building up a portfolio of owned brands, focusing on prestige products and expanding our leadership in niche fragrances, makeup and dermo-cosmetics, Puig has consistently delivered strong profitable growth.”

Despite the sale, control of the company will remain with the Puig family, who will retain a majority stake and keep the majority of voting rights, ensuring their ongoing influence over its direction.

“It is important for any family business to have the right checks and balances in place, particularly during generational transitions,” said Puig. “We believe that the balance of being a family owned company that is also subject to market accountability will allow us to better compete in the international beauty market during the next phase of the company’s development.”

Founded in 1914 by Antonio Puig Castello, Puig has evolved over the years to become a major player in cosmetics, perfumes, and fashion, operating across 32 countries with 17 brands. The company reported net revenues of €4.3 billion in 2023, a 19% increase from 2022.

Proceeds from the IPO will be used to refinance recent acquisitions, including increased stakes in Byredo and Charlotte Tilbury. It will also help finance future strategic investments, enhance its footprint in the Asia Pacific region, and expand into the dermo-cosmetics and skincare wellness categories.