Puig Brands, S.A.: Comprehensive Corporate Profile

Quick Facts / Company Snapshot

• Company Name: Puig Brands, S.A.
• Headquarters: Plaza Europa 46-48, L’Hospitalet de Llobregat, Barcelona, Spain
• Founding Year: 1914
• Chairman & CEO: Mr. Marc Puig Guasch
• Total Net Revenue (2024): €4,789.8 million
• Operating Profit (2024): €758.7 million
• Adjusted EBITDA (2024): €969.2 million
• Net Profit Attributable to Parent (2024): €530.6 million
• Total Assets (2024): €8,603.2 million
• Total Equity (2024): €3,537.7 million
• Global Employees: 12,116 (average headcount in 2024)
• Number of Brands: 17 Premium Love Brands
• Global Presence: Products sold in over 150 countries
• Direct Presence: Subsidiaries and brand headquarters in 32 countries
• Physical Stores: Approximately 314 owned stores
• Manufacturing Footprint: 7 production plants (Spain, France, Greece, India)
• Primary Listing: Spanish Stock Exchanges (Barcelona, Madrid, Bilbao, Valencia)
• Ticker Symbol: PUIG
• IPO Date: May 3, 2024
• Key Sustainability Target: Net Zero emissions by 2050

Company Overview

Full Company Profile

Puig Brands, S.A. operates as a global leader in the premium beauty and fashion industry, distinguishing itself as a “Home of Love Brands.” Based in Barcelona, Spain, the company has a rich heritage spanning 110 years and is currently managed by the third generation of the Puig family. The organization characterizes its portfolio through three primary business segments: Fragrance and Fashion, Makeup, and Skincare.

The company’s strategic vision focuses on fostering wellness, confidence, and self-expression while maintaining a deep-rooted commitment to sustainability and leaving a better world for future generations. Puig’s operational structure is highly vertically integrated, maintaining a presence in every stage of the value chain, from product design and development to production, distribution, and marketing.

In 2024, the company marked a transformative milestone by becoming a publicly listed entity, with its Class B shares admitted to trading on the Spanish Stock Exchanges. This transition underscores the company’s ambition to strengthen its position in the premium beauty market while honoring the legacy and values established by its founders. The company manages its worldwide operations from its headquarters in Barcelona, supported by key regional hubs in Paris, London, and New York.

Business Segments

Puig Brands, S.A. organizes its commercial activities into three distinct business segments. The financial performance and operational scope of each segment for the fiscal year ended December 31, 2024, are detailed below.

Fragrance and Fashion

• Segment Revenue: €3,538.0 million
• Percentage of Total Revenue: 73.9%
• Operating Profit: €677.6 million

Segment Profile

The Fragrance and Fashion segment stands as the company’s largest and most profitable division. This segment encompasses the creation, marketing, and sale of fragrances and, to a lesser extent, fashion-related items such as clothing, footwear, and accessories. Although fashion represents less than 5% of the company’s total net revenues, it serves as a critical strategic enabler for the fragrance business, enhancing brand equity and consumer desirability.

Within this segment, the company designs and markets fragrances in various formats, including eau de parfum, colognes, lotions, and home scents like candles. The portfolio is categorized into Prestige brands, which drive significant volume and market share, and Niche brands, which offer exclusivity and artisanal craftsmanship. The segment recorded a year-over-year revenue growth of 13.6% in 2024, driven by the strong performance of its Prestige portfolio and the expansion of its Niche offerings.

Makeup

• Segment Revenue: €763.0 million
• Percentage of Total Revenue: 15.9%
• Operating Profit: €44.1 million

Segment Profile

The Makeup segment focuses on the creation, marketing, and sale of a comprehensive range of high-quality cosmetic products. This includes foundations, concealers, lipsticks, eye makeup, and other beauty essentials. The segment is primarily anchored by the Charlotte Tilbury brand, which is a significant contributor to the division’s revenue.

In addition to Charlotte Tilbury, the segment includes makeup offerings from other brands within the Puig portfolio, such as Rabanne, Carolina Herrera, and Christian Louboutin. The segment faced a challenging comparative environment in 2024, recording a slight revenue decrease of 1.3%. Despite this, the company maintained strong market rankings in key territories like the UK and the US for its prestige makeup offerings.

Skincare

• Segment Revenue: €516.2 million
• Percentage of Total Revenue: 10.8%
• Operating Profit: €37.1 million

Segment Profile

Skincare represents the company’s fastest-growing business segment, achieving a growth rate of 19.8% in 2024. This segment addresses a wide array of consumer needs through products such as cleansers, moisturizers, serums, sun care, and body care. The portfolio is diverse, spanning Dermo-Cosmetics, Skincare Wellness, and Prestige Skincare categories.

The segment’s growth has been fueled by both organic performance, particularly from Dermo-Cosmetic brands like Uriage and Apivita, and strategic acquisitions, such as the incorporation of Dr. Barbara Sturm in January 2024. This addition has reinforced the company’s presence in the premium and science-focused skincare market.

History and Evolution

Full History In-depth

The history of Puig Brands, S.A. spans over a century, characterized by strategic expansion, brand acquisition, and generational leadership.

• 1914: The company was founded by Antonio Puig Castelló in Barcelona, establishing the foundation for a family-owned business in cosmetics and fragrances.
• 1922: Launch of Milady Lipstick, marking the first lipstick manufactured in Spain.
• 1940: Introduction of Agua Lavanda Puig, a defining product that utilized locally sourced ingredients due to import restrictions, establishing the company’s reputation for quality.
• 1950: The second generation of the Puig family—Antonio, Mariano, José María, and Enrique Puig Planas—joined the company.
• 1962: International expansion commenced with the establishment of the first subsidiary in the United States.
• 1968: The company acquired the license for Paco Rabanne’s beauty business and launched the fragrance Calandre, marking a significant entry into the designer fragrance market.
• 1987: Full acquisition of the Paco Rabanne business, including its fashion and accessories division. Simultaneously, the company acquired the license for the Carolina Herrera beauty line.
• 1988: Launch of the first Carolina Herrera perfume, initiating a highly successful long-term partnership.
• 1995: Acquisition of the Carolina Herrera New York fashion business, solidifying the brand’s integration into the Puig ecosystem.
• 1998: Acquisition of the Nina Ricci perfume and fashion business.
• 2004: Marc Puig, representing the third generation of the family, was named CEO.
• 2008: The company surpassed €1 billion in net revenue.
• 2011: Acquisition of a majority stake in the French fashion house Jean Paul Gaultier.
• 2015: Strategic entry into the Niche fragrance market with the acquisitions of Penhaligon’s and L’Artisan Parfumeur.
• 2016: Integration of the Jean Paul Gaultier fragrance business into the company’s portfolio.
• 2018: Acquisition of the fashion house Dries Van Noten and a long-term global license for the Christian Louboutin beauty business.
• 2019: The company exceeded €2 billion in net revenue.
• 2020: Acquisition of a majority stake in Charlotte Tilbury, a pivotal move expanding the company’s footprint in makeup and skincare.
• 2021: Incorporation of Uriage and Apivita into the portfolio, strengthening the Dermo-Cosmetics category.
• 2022: Acquisitions of the Niche brand Byredo and Skincare Wellness brands Kama Ayurveda and Loto del Sur. Revenue surpassed €3 billion.
• 2023: Revenue surpassed €4 billion.
• 2024: The company celebrated its 110th anniversary, acquired a majority stake in Dr. Barbara Sturm, and completed its Initial Public Offering (IPO), listing on the Spanish Stock Exchanges.

Products and Services

The company offers a diverse array of products across its three primary segments.

Fragrances

• Associated Segment: Fragrance and Fashion
• Operational Scope: This category is the core of the company’s operations. Products include eau de parfum, eau de toilette, colognes, and complementary scented products such as lotions, shower gels, powders, soaps, and candles.
• Revenue Contribution: €3,538.0 million (73.9% of Total Revenue)

Profile:

The fragrance portfolio is divided into Prestige brands, which include major global names like Rabanne, Carolina Herrera, and Jean Paul Gaultier, and Niche brands like Penhaligon’s, L’Artisan Parfumeur, and Byredo. The company manages the entire lifecycle of these products, from olfactory creation and bottle design to marketing and global distribution.

Fashion and Accessories

• Associated Segment: Fragrance and Fashion
• Operational Scope: Includes the design, production, and sale of clothing, footwear, and accessories.
• Revenue Contribution: Included within the Fragrance and Fashion segment (specifically noted as less than 5% of total net revenues).

Profile:

Fashion operations are primarily centered around brands such as Rabanne, Carolina Herrera, Jean Paul Gaultier, Dries Van Noten, and Nina Ricci. While a smaller revenue contributor, fashion activities are crucial for maintaining brand image, generating media impact, and sustaining the “halo effect” that drives fragrance sales.

Makeup Products

• Associated Segment: Makeup
• Operational Scope: Includes foundations, concealers, lipsticks, lip glosses, eyeliners, mascaras, eyeshadows, and blushes.
• Revenue Contribution: €763.0 million (15.9% of Total Revenue)

Profile:

This category is led by Charlotte Tilbury, known for its “Magic Cream” and “Pillow Talk” collections. Other brands like Christian Louboutin Beauté, Carolina Herrera, and Rabanne also offer specialized makeup lines. The company focuses on high-quality formulations and distinctive packaging to compete in the prestige beauty sector.

Skincare Products

• Associated Segment: Skincare
• Operational Scope: Includes cleansers, toners, moisturizers, serums, exfoliators, masks, sun care, and body care products.
• Revenue Contribution: €516.2 million (10.8% of Total Revenue)

Profile:

The skincare offering spans multiple sub-categories. Uriage and Apivita serve the Dermo-Cosmetics market with products often sold in pharmacies. Charlotte Tilbury and Dr. Barbara Sturm offer high-end, science-led skincare solutions. Kama Ayurveda and Loto del Sur focus on wellness-oriented skincare rooted in traditional practices like Ayurveda and botanical science.

Brand Portfolio

The company manages a portfolio of 17 Premium Love Brands, categorized by ownership status and market positioning. While specific revenue figures for every individual brand are not disclosed, the company provides aggregate data and relative performance indicators.

Owned Brands

Rabanne

• Category: Prestige Fragrance and Fashion / Makeup
• Profile: Founded in 1966, Rabanne is known for its avant-garde fashion and iconic fragrances like 1 Million and Invictus. In 2024, the brand generated net revenues exceeding €1 billion, solidifying its status as a top performer.

Carolina Herrera

• Category: Prestige Fragrance and Fashion / Makeup
• Profile: Founded in 1981, this brand represents elegance and New York style. Its fragrance Good Girl achieved the ranking of the #1 feminine fragrance line worldwide in 2024.

Jean Paul Gaultier

• Category: Prestige Fragrance and Fashion
• Profile: Known for its rebellious and inclusive spirit since 1982. In 2024, the brand entered the top 10 global fragrance rankings, with its Le Male line ranking as the #3 masculine fragrance worldwide.

Charlotte Tilbury

• Category: Makeup / Skincare / Fragrance
• Profile: Founded in 2013 and acquired in 2020, it is the primary driver of the Makeup segment. The brand maintained its #1 prestige makeup ranking in the UK in 2024.

Nina Ricci

• Category: Prestige Fragrance and Fashion
• Profile: Founded in 1932, known for its romantic and feminine aesthetic, anchored by the iconic L’Air du Temps and Nina fragrances.

Byredo

• Category: Niche Fragrance / Makeup
• Profile: A modern luxury brand founded in 2006, acquired in 2022. It focuses on translating memories into products and saw compelling growth in the second half of 2024.

Dries Van Noten

• Category: Niche Fragrance and Fashion / Makeup
• Profile: Founded in 1986, this brand combines avant-garde fashion with a unique beauty collection launched in 2022.

Penhaligon’s

• Category: Niche Fragrance
• Profile: A British perfumery house established in 1870, known for its storytelling and royal warrants. It delivered double-digit growth in 2024.

L’Artisan Parfumeur

• Category: Niche Fragrance
• Profile: Founded in 1976, this brand emphasizes French craftsmanship and artisanal perfume creation.

Uriage

• Category: Dermo-Cosmetics (Skincare)
• Profile: A dermatological brand based on the benefits of Uriage Thermal Water. It recorded double-digit growth in 2024.

Apivita

• Category: Dermo-Cosmetics (Skincare)
• Profile: Founded in 1979 in Greece, Apivita offers natural beauty products based on bee products and herbal extracts.

Dr. Barbara Sturm

• Category: Niche Skincare
• Profile: Acquired in January 2024, this brand specializes in molecular cosmetics and anti-inflammatory skincare. It contributed €54 million to net revenue in 2024.

Kama Ayurveda

• Category: Skincare Wellness
• Profile: Based on authentic Ayurvedic treatments, acquired in 2022 to expand the wellness portfolio.

Loto del Sur

• Category: Skincare Wellness
• Profile: A Colombian brand emphasizing botanical ingredients and Latin American heritage.

Licensed Brands

Christian Louboutin

• Category: Niche Beauty
• Profile: A global license held since 2018 for the beauty product line of the renowned luxury footwear designer.

Adolfo Dominguez

• Category: Lifestyle Fragrance
• Profile: A long-standing license for the fragrance line of the Spanish fashion designer.

Banderas

• Category: Lifestyle Fragrance
• Profile: A global license for fragrances associated with the actor Antonio Banderas.

Geographical Presence

Puig Brands, S.A. reports its financial performance across three primary geographical regions.

EMEA (Europe, Middle East, and Africa)

• Region Revenue: €2,620.0 million
• Percentage of Total Revenue: 54.7%
• Operating Assets: €3,872.9 million

Region Profile

EMEA constitutes the company’s largest market. In 2024, revenue in this region grew by 12.8%. Key markets within this region include the United Kingdom, Spain, and France. The region is home to the majority of the company’s production facilities and its corporate headquarters.

Americas

• Region Revenue: €1,714.6 million
• Percentage of Total Revenue: 35.8%
• Operating Assets: €1,813.6 million

Region Profile

The Americas region includes North America and Latin America. In 2024, revenue increased by 11.1%. The United States is the single largest country market for the company in terms of net revenue. Other significant markets include Brazil and Mexico. The region hosts subsidiaries in key locations such as the USA, Canada, Brazil, Mexico, Chile, Colombia, Peru, and Argentina.

Asia-Pacific (APAC)

• Region Revenue: €455.1 million
• Percentage of Total Revenue: 9.5%
• Operating Assets: €1,052.5 million

Region Profile

Asia-Pacific represents the smallest but a strategic growth region for the company. Revenue grew by 3.7% in 2024. The company maintains a presence in markets such as China, India, Japan, South Korea, Singapore, and Australia. This region includes a production plant in India (Tamil Nadu).

Financial Performance Analysis

Consolidated Performance

For the fiscal year 2024, Puig Brands, S.A. reported a record consolidated net revenue of €4,789.8 million, representing an increase of 11.3% compared to the previous year. This performance exceeded the company’s strategic targets. The growth was driven by strong demand across the Prestige fragrance portfolio and the integration of new acquisitions.

Profit and Loss Analysis

Metric	2024 (€ millions)	2023 (€ millions)	YoY Change
Net Revenues	4,789.8	4,304.1	+11.3%
Cost of Sales	(1,201.7)	(1,088.9)	+10.4%
Gross Profit	3,588.1	3,215.2	+11.6%
Gross Margin	74.9%	74.7%	+0.2 pp
Operating Expenses	(2,829.4)	(2,522.2)	+12.2%
Operating Profit	758.7	693.0	+9.5%
Operating Margin	15.8%	16.1%	-0.3 pp
Financial Result	19.4	(87.4)	+122.1%
Profit Before Tax	692.5	643.2	+7.7%
Income Tax	(150.0)	(143.3)	+4.7%
Net Profit	542.5	499.9	+8.5%
Net Profit (Parent)	530.6	465.2	+14.1%
Adjusted EBITDA	969.2	862.7	+12.4%
Adj. EBITDA Margin	20.2%	20.0%	+0.2 pp

Analysis:

• Revenue Growth: The 11.3% increase was primarily organic, with Like-for-Like (LFL) growth at 10.9%.
• Gross Margin: Improved to 74.9%, indicating strong pricing power and effective cost management.
• Profitability: Adjusted EBITDA reached €969.2 million with a 20.2% margin, demonstrating high operational efficiency. Net profit attributable to the parent company grew significantly by 14.1% to €530.6 million.

Balance Sheet Analysis

Metric	2024 (€ millions)	2023 (€ millions)
Total Non-Current Assets	6,149.7	5,398.1
Intangible Assets	4,705.7	4,114.3
Property, Plant & Equip.	380.4	326.3
Total Current Assets	2,453.5	2,313.2
Inventories	720.3	788.9
Cash & Cash Equivalents	882.6	852.9
TOTAL ASSETS	8,603.2	7,711.3
Total Equity	3,537.7	959.2
Share Capital	128.5	144.0
Reserves	3,612.2	1,087.9
Non-Current Liabilities	3,262.2	5,102.2
Long-term Borrowings	1,129.9	1,788.8
Current Liabilities	1,803.3	1,649.9
Short-term Borrowings	527.2	358.4
TOTAL EQUITY & LIAB.	8,603.2	7,711.3

Analysis:

• Assets: Total assets increased to €8.6 billion, largely due to an increase in intangible assets associated with acquisitions (goodwill and brands).
• Equity: Total equity more than tripled to €3.54 billion, primarily driven by the capital increase from the IPO (€1,641 million impact on reserves) and retained earnings.
• Debt: Net Debt stood at €1,068.1 million at the end of 2024, down from €1,509.7 million in 2023. The Net Debt/Adjusted EBITDA ratio improved significantly to 1.10x from 1.75x.

Cash Flow Analysis

Metric	2024 (€ millions)	2023 (€ millions)
Net Cash from Operating Activities	739.7	556.5
Net Cash from Investing Activities	(1,240.6)	(286.6)
Capex (PP&E + Intangibles)	(190.9)	(177.9)
Business Combinations	(265.3)	–
Acquisition of Non-Controlling Interests	(811.5)	(51.9)
Net Cash from Financing Activities	538.3	(98.0)
Capital Increases	1,377.1	–
Dividends Paid	(192.5)	(181.3)
Repayment of Borrowings	(1,224.9)	(175.3)
Net Change in Cash	29.7	142.9
Cash at Year End	882.6	852.9

Analysis:

• Operating Cash Flow: Strong generation of €739.7 million, driven by improved profitability and working capital management.
• Investing: Significant outflow due to the acquisition of Dr. Barbara Sturm and the purchase of minority interests (e.g., Byredo, Charlotte Tilbury).
• Financing: Positive inflow due to IPO proceeds, partially offset by substantial debt repayments and dividend distributions.

Board of Directors and Leadership Team

Board of Directors

• Mr. Marc Puig Guasch: Chairman and CEO. Executive Director.
• Mr. Manuel Puig Rocha: Vice Chairman. Proprietary Director.
• Mr. Josep Oliu Creus: Proprietary Director.
• Mr. Jordi Constans Fernández: Lead Independent Director.
• Mr. Yiannis Petrides: Director.
• Mr. Rafael Cerezo Laporta: Director.
• Mr. Patrick Raji Chalhoub: Director.
• Mr. Daniel Lalonde: Independent Director.
• Ms. Christine Ann Mei: Independent Director.
• Mr. Nicolas Mirzayantz: Independent Director.
• Ms. Ángeles Garcia-Poveda Morera: Independent Director.
• Ms. Maria Dolores Dancausa Treviño: Independent Director.
• Ms. Tina Müller: Independent Director.

Board Committees

• Audit and Compliance Committee: Chaired by Daniel Lalonde.
• Appointments and Remuneration Committee: Chaired by Ángeles Garcia-Poveda Morera.
• Sustainability and Social Responsibility Committee: Chaired by Manuel Puig Rocha.

Senior Leadership

• Joan Albiol Ramis: Chief Financial Officer.
• Eugenia de la Torriente Larrañaga: Chief Communications Officer.
• Marine de Boucaud: Chief HR Officer.
• José Manuel Albesa Muniesa: President of the Beauty and Fashion division.
• Marc Toulemonde: President of the Derma division.
• Demetra Pinsent: CEO of Charlotte Tilbury.
• Javier Bach Kutschruetter: Chief Operating Officer.
• Josep Vivas Carmen: Chief Sustainability Officer.

Subsidiaries, Associates, and Joint Ventures

The company operates through a vast network of fully consolidated subsidiaries and equity-accounted investments.

Key Fully Consolidated Subsidiaries (Selection based on strategic importance)

• Puig France S.A.S. (France): Manufacturing and commercial activities. 100% ownership.
• Puig S.L. (Spain): Parent of the tax group.
• Charlotte Tilbury Limited (UK): Holding for the Charlotte Tilbury brand. 79% ownership.
• Byredo AB (Sweden): Holding and commercial for Byredo. 100% ownership.
• Carolina Herrera Ltd. (USA): Commercial activities. 100% ownership.
• Jean Paul Gaultier, S.A.S. (France): Commercial activities. 100% ownership.
• Puig USA Inc. (USA): Commercial activities. 100% ownership.
• Puig UK Ltd. (UK): Commercial activities. 100% ownership.
• Barbara Sturm Molecular Cosmetics GmbH (Germany): Acquired in 2024. 65% ownership.
• Kama Ayurveda Private Ltd (India): Manufacturing and commercial. 85% ownership.

Key Associates and Joint Ventures (Equity Method)

• Sociedad Textil Lonia, S.A. (Spain): 25% ownership. Book Value: €150.5 million.
• Isdin, S.A. (Spain): 50% ownership. Joint Venture. Book Value: €127.1 million.
• Ponteland Distribuição, S.A. (Granado) (Brazil): 35% ownership. Book Value: €108.2 million.
• Beijing Yitian Shidai Trading Co, LLC (China): 15% ownership. Book Value: €9.5 million.

Physical Properties (Offices, Plants, Factories)

Manufacturing Facilities

The company operates seven production plants located in four countries:

1. Vacarisses (Spain): Focused on skincare.
2. Alcalá de Henares (Spain): Focused on fragrances.
3. Chartres (France): Focused on fragrances.
4. Echirolles (France): Focused on Uriage products.
5. Uriage-les-Bains (France): Focused on Uriage products.
6. Athens (Greece): Focused on Apivita products.
7. Tamil Nadu (India): Focused on Kama Ayurveda products.

Key Offices

• Headquarters: Puig Tower (T1 and T2) in Barcelona, Spain.
• Regional Hubs: Paris, London, New York.
• New Openings (2024): Inauguration of the second Puig Tower in Barcelona and new offices in New York’s Rockefeller Center and London’s Covent Garden.

Segment-wise Performance

• Fragrance and Fashion:
  • Revenue: €3,538.0 million.
  • YoY Growth: +13.6%.
  • Performance: Driven by Prestige brands like Rabanne (exceeding €1 billion), Carolina Herrera, and Jean Paul Gaultier. Niche brands like Penhaligon’s and L’Artisan Parfumeur saw double-digit growth.
• Makeup:
  • Revenue: €763.0 million.
  • YoY Growth: -1.3%.
  • Performance: Flat performance from Charlotte Tilbury due to tough comparables and sell-in dynamics, alongside declines in smaller makeup offerings.
• Skincare:
  • Revenue: €516.2 million.
  • YoY Growth: +19.8%.
  • Performance: Strong double-digit growth from Uriage and Apivita. The acquisition of Dr. Barbara Sturm contributed €54 million to the segment.

Founders

The company was founded in 1914 by Antonio Puig Castelló. He established the business in Barcelona with a focus on cosmetics and fragrances. In 1950, his four sons—Antonio, Mariano, José María, and Enrique Puig Planas—joined the company, marking the second generation of leadership. Currently, the company is led by Marc Puig Guasch (Chairman and CEO) and Manuel Puig Rocha (Vice Chairman), representing the third generation of the Puig family.

Shareholding Pattern

As of December 31, 2024:

• Major Shareholder: Puig, S.L. (controlled by Exea Empresarial, S.L., the family holding company) holds 92.97% of the voting rights and 73.5% of the economic rights.
• Public/Others: Hold 6.8% of the voting rights and 25.6% of the economic rights.
• Treasury Shares: Hold 0.2% of the voting rights and 0.9% of the economic rights.

The share capital consists of:

• Class A Shares: 393,367,348 shares (Not listed, 5 votes per share).
• Class B Shares: 174,819,678 shares (Listed on Spanish Stock Exchanges, 1 vote per share).

Parent Company

The direct parent company is Puig, S.L., which is part of the tax consolidation group in Spain. The ultimate parent company is Exea Empresarial, S.L., which is controlled by the Puig family.

Investments and Capital Expenditure Plans

• Total Capex (2024): €190.9 million.
• Focus: Investments were primarily directed towards production centers to support activity and leasehold improvements for new offices (e.g., Barcelona, New York, London).
• R&D Expenses (2024): €41.8 million.
• Strategic Investments: Significant cash outflows were recorded for business combinations (€265.3 million) and the acquisition of non-controlling interests (€811.5 million), specifically regarding Dr. Barbara Sturm, Byredo, and Charlotte Tilbury.

Future Strategy

The management has outlined a strategic roadmap focused on:

1. Brand Elevation: Continuing to build brand equity across the Prestige and Niche portfolios.
2. Skincare Expansion: Leveraging the recent acquisition of Dr. Barbara Sturm and the growth of Uriage and Apivita to gain market share in the premium skincare sector.
3. Digital Acceleration: Enhancing direct-to-consumer (DTC) channels and digital engagement.
4. Sustainability (ESG 2030): Committing to net-zero emissions by 2050 and reducing Scope 1 and 2 emissions by 42% by 2030.
5. Operational Excellence: Optimizing the supply chain and manufacturing footprint to support global growth.

Key Strengths

• Diversified Portfolio: A balanced mix of owned and licensed “Love Brands” across Fragrance, Makeup, and Skincare.
• Market Leadership: Global value market share in selective fragrances reached 11.5% in 2024.
• Financial Resilience: High gross margin (74.9%) and strong cash flow generation (€739.7 million from operations).
• Global Reach: Balanced revenue streams from EMEA (55%), Americas (36%), and APAC (9%).
• Family Governance: A long-term vision supported by the stability of family ownership combined with public market discipline.

Key Challenges and Risks

• Foreign Exchange Risk: Exposure to currency fluctuations, particularly the USD and GBP, which impacted revenue by (0.8%) in 2024.
• Geopolitical Instability: Operations in markets affected by geopolitical stress could impact demand and supply chains.
• Market Competition: Intense competition in the premium beauty sector, particularly in the Americas and skincare categories.
• Regulatory Risks: Increasing environmental regulations regarding packaging, ingredients, and emissions.
• Operational Risks: Supply chain disruptions or potential quality issues, such as the voluntary withdrawal of select batches of a product in 2024.

Conclusion and Strategic Outlook

Puig Brands, S.A. has successfully transitioned into a publicly listed company while delivering record financial results in 2024. With net revenue approaching €4.8 billion and a robust EBITDA margin of 20.2%, the company demonstrates strong operational health. Its strategic focus on premiumization, niche fragrance growth, and skincare diversification places it in a favorable position for future expansion. The management’s commitment to its 2030 ESG agenda and continued investment in brand equity suggests a sustainable long-term trajectory.

Official Site: https://www.puig.com/

FAQ Section

1. What is Puig Brands, S.A.’s total revenue for 2024?Puig Brands, S.A. reported a total net revenue of €4,789.8 million for the fiscal year 2024.
2. When did Puig go public?Puig completed its Initial Public Offering (IPO) on May 3, 2024, listing its Class B shares on the Spanish Stock Exchanges.
3. What are Puig’s main business segments?The company operates in three main segments: Fragrance and Fashion (73.9% of revenue), Makeup (15.9% of revenue), and Skincare (10.8% of revenue).
4. Who owns Puig Brands, S.A.?The company is majority-owned by the Puig family through Exea Empresarial, S.L., which holds 92.97% of the voting rights.
5. What brands does Puig own?Puig’s portfolio includes owned brands such as Carolina Herrera, Rabanne, Jean Paul Gaultier, Charlotte Tilbury, Nina Ricci, and Byredo, among others.

Source: Content on FirmsWorld.com is based on publicly available corporate filings, regulatory disclosures, annual reports, SEC 10-K filings, investor relations materials, and, where applicable, direct communications with the company.