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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Puig Brands
Puig Brands (PUIG) investor relations material
Puig Brands CMD 2026 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.CMD 2026 summary28 Oct, 2026
Vision 2032 and track record
By 2032, targets are >€8bn net revenue, >22.5% adjusted EBITDA margin and growth ahead of the premium beauty market’s expected 4%-5% CAGR; growth is primarily organic.
Aspires to rank among the world’s top four premium beauty players and become the #2 fragrance player by 2032.
FY21-25 revenue CAGR was 18%, reaching €5.042bn in FY25; FY25 LFL growth was 7.8% versus 3.4% for the premium beauty market.
FY25 adjusted EBITDA margin was 20.7%; the 2032 ambition implies >180 bps expansion and adjusted EBITDA above €1.8bn.
After the 2025-26 market reset, 2027 growth is expected near the lower end of the 4%-5% market range, with gradual improvement thereafter.
Portfolio and brand priorities
Reinforce prestige fragrance through Carolina Herrera, Rabanne and Jean Paul Gaultier; the 2032 ambition is a top-two global position, supported by innovation and global activation.
Grow Byredo and Penhaligon’s through existing-door productivity and selective expansion; niche fragrance targets €1bn by 2032 and growth twice as fast as the market.
Develop Charlotte Tilbury as a tri-axis brand across makeup, skincare and fragrance; the 2032 plan targets 1.5x growth, with fragrance acceleration from 2028.
Build a global Dermo-Cosmetics platform with ISDIN, Uriage and Apivita; Uriage targets doubling by 2032, while the platform would exceed €1bn pro forma net revenue subject to ISDIN completion.
Profitable growth and portfolio focus take priority; selective acquisitions may add distinctive brands, capabilities or exposure to attractive categories and markets.
Markets and growth opportunities
Consolidate EMEA and Travel Retail, reinforce Latin America, scale profitably in the US and build APAC; APAC was 11% of FY25 sales versus 39% of the global beauty market.
APAC sales grew 22% in 2025 and 18% year-to-date 2026; expansion is staged and profitability-led.
Digital, APAC, US niche fragrance, feminine prestige fragrance, Charlotte Tilbury distribution and Dermo-Cosmetics are identified growth whitespace areas.
US niche expansion is a priority; the US represents 25% of the niche market versus 14% of portfolio niche weight, with selective door growth planned.
Travel Retail rose from the sixth- to third-largest fragrance player since 2021, with share increasing from 9.6% to 13.0%.
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Latest events from Puig Brands
- Q3 growth accelerated as Makeup and APAC led; FY outlook reaffirmed.PUIG
Q3 2026 TU - Net revenues rose 2.4% to €2.35bn, with strong Asia Pacific growth and higher Charlotte Tilbury stake.PUIGH1 2026
- Q1 2026 net revenue grew 4.7% LFL, led by APAC and Makeup, with stable outlook and merger talks ongoing.PUIGQ1 2026 TU
- Record revenue, margin expansion, and strong cash flow drive robust 2025 performance.PUIGH2 2025
- 7.0% LFL revenue growth in 9M 2025, led by APAC and Makeup, with FY2025 outlook reaffirmed.PUIGQ3 2025 TU
- Q3 net revenue up 11.6% like-for-like, led by fragrance and strong EMEA and Americas growth.PUIGQ3 2024 TU
- H1 2024 revenue up 9.6% to €2.2bn, strong margins, IPO completed, and robust H2 outlook.PUIGH1 2024
- Double-digit FY2024 growth led by fragrances, with record sales and market share gains.PUIGQ4 2024 TU
- Record revenue, margin, and profit growth in 2024; 2025 outlook targets 6–8% growth amid risks.PUIGH2 2024
Next Puig Brands earnings date
H2 202618 Feb, 2027
Puig Brands
Next Puig Brands earnings date
H2 202618 Feb, 2027
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Frequently asked questions
Spanish Fashion and Fragrance
Puig is a Spanish company that specializes in the fashion and fragrance sectors. The company designs, produces, and markets a wide range of products, including perfumes, cosmetics, and fashion apparel. Puig is known for owning several prestigious fashion brands and for producing fragrances under license for designers and celebrities. The company's portfolio includes a combination of owned brands and licenses, enabling it to cater to a diverse market with products that range from luxury to mass consumer goods. Puig's business operations span globally, with a significant presence in both retail and wholesale channels. The company is headquartered in Barcelona, Spain.
A Company With Heritage
The company was founded in 1914 by Antonio Puig Castelló in Barcelona, Spain. Initially, Puig's business focused on the beauty and cosmetics industry, but over the decades, it expanded into the world of fashion and high-end fragrances. In the early years, Puig concentrated on creating perfumes and importing cosmetic products. The company began to gain prominence in the 1940s and 1950s when it started to focus more on creating its own fragrances. It was during this period that Puig ventured into the international market. The 1960s marked a significant expansion as Puig entered the fashion industry by acquiring the rights to produce and distribute fragrances under the name of Spanish designer Paco Rabanne. This move was pivotal, as it set the stage for future partnerships with other fashion designers and brands.
A Family Affair
The company remains a family-owned enterprise, now managed by the third generation of the Puig family. Under their leadership, Puig has expanded its international reach and continued to grow its portfolio of brands and products, and today the company competes in the international luxury industry together with companies such as LVMH and Kering.
The Products
Its product portfolio includes a variety of items, primarily focusing on perfumes, beauty products, and fashion. Some companies operating
Fragrances: Puig is well-known for its wide range of perfumes and colognes. The company owns several prestigious fragrance brands such as Nina Ricci, Carolina Herrera, and Paco Rabanne. They also produce fragrances under license for other well-known brands like Prada, Christian Louboutin, and Comme des Garçons.
Beauty Products: Alongside fragrances, Puig markets a variety of beauty products including skincare and makeup. These are often associated with their existing fragrance lines or extended from their fashion brands.
Fashion: Through ownership and collaborations, Puig is involved in the high-fashion industry. The company has ownership stakes in fashion houses like Carolina Herrera, Jean Paul Gaultier, and Paco Rabanne.