Puig's 2024 IPO: Paco Rabanne, Jean Paul Gaultier, and Beyond

1 minutes reading time
Published 17 Apr 2024
Reviewed by: Peter Westberg

Puig, a family-owned Spanish beauty conglomerate, has a rich 110-year history dating back to its founding in 1914. Over the years, the company has expanded its brand portfolio to include a diverse range of beauty and fashion brands, such as Charlotte Tilbury, Paco Rabanne, Byredo, and Jean Paul Gaultier, as well as acquiring fragrance licenses for notable designers like Valentino. In 2024, Puig is set to embark on a new phase with plans for an initial public offering (IPO), aiming to raise more than €2.5 billion. In the meantime, let's get to know the company a little better.

Key Insights

  • Historical foundation and growth: Puig, founded in 1914, blossomed in the 1970s with innovative fragrances, expanding into international markets in subsequent decades, diversifying its product range, and solidifying its global presence.

  • Strategic brand acquisitions: The company's portfolio expansion through acquisitions like Jean Paul Gaultier, Penhaligon's, L'Artisan Parfumeur, Dries Van Noten, and Dr. Barbara Sturm illustrates Puig's involvement in luxury and niche market segments.

  • Global influence: With a presence in 150 countries and a diverse range of products across fragrances, skincare, and fashion, Puig demonstrates a significant impact on the global beauty and fashion landscape.

  • 2024 IPO: The planned IPO in 2024, aiming to raise over €2.5 billion, signifies a strategic move to refinance acquisitions, support further expansion, and transition into a new phase of market accountability while maintaining family ownership.

Puig’s 110-year History

Established in 1914 by Antonio Puig Castelló in Barcelona, the company initially found success with fragrance lines in the 1970s, such as Moana Bouquet, Estivalia, and Vetiver de Puig. Following Antonio Puig’s death in 1979, the company’s leadership passed to his sons, who continued to expand Puig into European and North American markets, launching successful fragrances like Quorum in the 1980s.

The 1990s and beyond saw Puig consolidating its position both in Spain and internationally, diversifying its product range to include skin care and personal care goods, and acquiring other companies like Perfumeria Gal, the Ricci Group, and Myrurgia, further strengthening its market share.

In the early 21st century, under the leadership of Mariano Puig Planas and his brothers, the company emphasized team building, product development, and international expansion. The family’s dedication to the business and its values has been instrumental in Puig’s success and longevity. Mariano Puig, in particular, played a significant role in guiding the company through various stages of growth and expansion, demonstrating a forward-thinking approach while remaining rooted in the family’s entrepreneurial spirit.

Strategic Acquisitions and Brand Expansion

In recent strategic moves, Puig has continued to enhance its brand offerings. For instance, in 2010, Puig became the majority shareholder of Jean Paul Gaultier, and over the years, it has added various niche fragrance and luxury brands to its portfolio, such as Penhaligon’s and L'Artisan Parfumeur.

The acquisition of Dries Van Noten, a respected fashion brand known for its avant-garde designs, and Dr. Barbara Sturm, a skincare brand renowned for its science-backed, luxury skincare products, illustrates Puig’s strategic push into both the high-end fashion and niche skincare markets. These acquisitions not only expanded Puig’s brand offerings but also enhanced its presence in the luxury segment of the beauty and fashion industry. As of 2022, Puig has marked its presence in 150 countries, employing thousands of people worldwide, demonstrating its significant impact on the global beauty and fashion industry.

Puig’s Eventual 2024 IPO

In 2024, Puig is preparing for a significant milestone with plans for an IPO, aiming to raise over €2.5 billion. The IPO is structured to include a primary offering of new shares worth approximately €1.25 billion, followed by a secondary sale by the controlling shareholders, emphasizing the Puig family’s intention to retain majority ownership and ensure the company’s legacy continues.

The capital raised through the IPO is earmarked for refinancing recent acquisitions, including additional stakes in the Byredo and Charlotte Tilbury brands. It’s also part of Puig’s broader strategy to pursue further acquisitions and expand its footprint, particularly in the Asia Pacific region and the skincare segment. The company’s focus is not just on growing its renowned fragrance and makeup divisions but also on making significant inroads into dermo-cosmetics and skin care wellness categories.

In Conclusion

Puig’s IPO in 2024 represents a significant shift for the company, moving from its traditional roots to embrace the dynamics of the public market. This strategic move aims to foster growth and enable new ventures, reflecting a pragmatic approach to adapt and thrive in the evolving landscape of the beauty and fashion industry.

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