Recently, it has been reported that Marc Puig, the third-generation head of Puig, has stated that the fourth-generation family members, including his children, will not be involved in managing the Puig family business. Additionally, if there are board members from the Puig family, their number will always be equal to or less than half of the total number of board members.
It is understood that Puig began formulating this decision before going public, and it has now officially come into effect, reducing the founding family members’ board seats by half. Furthermore, Puig has guaranteed that proprietary directors and independent directors must constitute a majority in the board composition. Currently, Puig has seven independent directors and two owners who represent one of the family’s business branches, Exea Empresarial.
It is noteworthy that as early as April this year, Puig made adjustments to its board, with Marc Puig’s three family members—Marian Puig Guasch, Jordi Puig Alsina, and Xavier Puig Alsina—stepping down after three years of service on the current 13-member board. The current board seats are held by the group CEO and third-generation family member Marc Puig and the former vice president of the company, Manuel Puig.
According to disclosed financial reports, Puig’s net income for 2023 reached €4.304 billion, a 19% increase compared to 2022. The fashion and fragrance business sectors recorded a 17% growth, accounting for 72% of Puig’s net income. The Asia-Pacific region saw significant growth, with the Chinese market achieving a 23% increase in 2023.
Additionally, during the IPO process, the Puig family sold shares worth €1.36 billion. Combined with the newly issued shares, the family will continue to hold nearly 72% of the company’s shares and 92.5% of the voting rights.
