Puig, a Spanish beauty conglomerate owned by the Puig family, is seeking an IPO in its local market. The Barcelona-headquartered company, known for its portfolio of makeup and fashion labels including Charlotte Tilbury and Paco Rabanne, disclosed its intention to seek approval for the shares to be listed on the Barcelona, Madrid, Bilbao, and Valencia Stock Exchanges, as well as for trading via the Automated Quotation System. The company announced its intention to raise approximately €1.25 billion through an initial primary offering, followed by a subsequent secondary share sale of a larger scale, aiming to exceed a total fundraising amount of €2.5 billion.
Bankers have estimated the company’s value to be in the range of €8 billion to €10 billion. However, the filing did not clarify the portion of shares the founding family intends to offer to investors.
“Today’s announcement is a decisive step in Puig’s 110-year history,” said Marc Puig, chairman and chief executive officer of Puig, in a statement. “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 dermocosmetics, Puig has consistently delivered strong profitable growth.”
Last year, Puig’s sales soared to €4.3 billion, marking a remarkable 19% increase from 2022. This growth was evident across all segments and geographic regions, with double-digit expansions. Puig emphasized that these achievements surpassed the ambitious goals outlined in its 2021 strategy, which aimed to attain €3 billion in sales by 2023.
Puig’s fragrances achieved a record market share of 11% in selective distribution, driven by the robust performance of its proprietary brands. Makeup experienced substantial growth, increasing by 23%, while skincare emerged as Puig’s most rapidly expanding business segment, with a remarkable 31% growth rate.
Puig’s makeup division saw a revenue surge of 23%, accounting for 18% of the company’s total net revenues, up from 17% in 2022. The segment’s growth was sustained by the continued success of Charlotte Tilbury, which marked its 10-year milestone with strong performances across regions including the United Kingdom, North America, Europe, the Middle East, Australia, and Singapore.
In 2023, Puig experienced a remarkable 31% revenue growth in its skincare division, marking it as the fastest-expanding segment within the company and contributing 10% to its total net revenues. This surge was fueled in part by the continued success of Charlotte Tilbury’s flagship product, Magic Cream, aligning with the brand’s dedication to offering a comprehensive skincare regimen.
