Puig is considering going public in 2024, following strong financial performance. This move could rival that of its competitor, Coty Inc., which is already listed on Wall Street.
Founded in 1914 in Barcelona by Catalan entrepreneur Antonio Puig Castellò, Puig has risen to become a major player in cosmetics, perfumes, and fashion. Its prestigious portfolio includes internationally recognized brands such as Paco Rabanne, Nina Ricci, and Carolina Herrera, and it also holds a majority stake in the fashion house of Jean Paul Gaultier.
In recent years, Puig's financial performance has been very promising. In 2022, it closed with revenues of 3.62 billion euros, marking a record increase of +40% compared to the previous year. Positive figures also extend to net profits, which saw a +71% growth compared to 2021. Given such momentum, the ambition of reaching a 4.5 billion euro turnover appears within reach for the company.
With these strong results, the group is considering an IPO as early as next year. This information, reported by the French magazine L'Expansion, has also been confirmed by Reuters.
In addition to its financial performance, Puig continues its strategic growth. Last year, the Spanish group expanded its portfolio through the acquisition of Loto del Sur, a Colombian cosmetic brand focused on organic products with a strong presence in South America, one of the targeted markets for the group. Another significant acquisition is Kama Ayurveda, a niche cosmetic brand inspired by traditional Indian medicine. Furthermore, in 2022, Puig acquired a majority stake in Byredo, a Swedish luxury brand specializing in perfumes and accessories. These strategic initiatives, combined with solid financial growth, now value Puig at around 8 billion euros. The IPO would be facilitated by investment banks J.P. Morgan and Goldman Sachs, specialists in such operations.
A few months ago, Puig, which is currently owned by the eponymous family, underwent internal reorganization, adopting the status of a public limited company under the name Puig Brands SA.
The Spanish company's IPO could rival that of Coty Inc., already listed on Wall Street, which is considering a potential additional listing on the Paris Stock Exchange.
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