Puig, the luxury fashion and beauty group, appears to be leaning towards the Madrid Stock Exchange for its stock market debut. According to reports from the newspaper El Economista, Puig has explored various options, including the New York Stock Exchange and the Paris Stock Exchange, but ultimately, the Spanish capital seems to be the chosen destination. The company, known for its ownership of brands like Jean Paul Gaultier, Carolina Herrera, and Nina Ricci, is said to be preparing for its debut in May.
One of the reasons behind Puig’s consideration of other options such as the New York Stock Exchange or the Paris Stock Exchange is the desire to attain the highest possible valuation and ensure a promising future trajectory. While Spain accounted for only 7% of Puig’s sales in 2022, the Catalan group does not face direct competition in the domestic stock market, unlike its potential counterparts in the United States (such as Estée Lauder) or France, where luxury giants like LVMH, Kering, and L’Oréal operate, with market capitalizations reaching staggering figures (409,000 million euros for LVMH and 235,000 million euros for L’Oréal).
Based on the group’s latest results, Puig’s valuation in the stock market, considering the European luxury industry landscape, is estimated to be around 8,400 million euros, although some estimates have placed it as high as 15,000 million euros.
As a family-owned company, Puig will be able to offer between 25% and 49% of its capital to the market. Based on projected capitalization, it could potentially rank 18th on the Ibex 35, the benchmark stock market index in Spain. If Puig chooses to debut on the Madrid Stock Exchange, it will become the first Spanish company in the luxury fashion and beauty sector to do so, marking a significant milestone.
