Retail in Asia


Puig eyes EUR 2.5 billion in local IPO, looks to expand across Asia Pacific

Puig Group said it plans list on the Spanish Stock Exchange, as the luxury fashion and beauty group looks to raise EUR 2.5 billion (USD 2.7 billion) in its initial public offering (IPO).

SEE ALSO: Puig posts record revenues in 2023, APAC clocks highest regional growth

The family-owned company said it will apply for admission of class B shares to the Barcelona, Madrid, Bilbao and Valencia Stock Exchanges and trading through the Automated Quotation System. The timing of the IPO was not disclosed.

The owner of brands such as Dries Van Noten, Jean-Paul Gaultier, Carolina Herrera, Rabanne and Charlotte Tilbury, said a public listing would align its corporate structure with that of its competitors.

“We believe that the balance of being a family-owned company that is also subject to market accountability will allow us to better compete in the international beauty market during the next phase of the company’s development,” said chairman and chief executive Marc Puig.

The Puig family will retain a majority stake and the vast majority of the voting rights of the company.

The Barcelona-based company said it will use the proceeds from the IPO to refinance recent acquisitions of additional ownership in luxury fragrance label Byredo and British cosmetic brand Charlotte Tilbury. It will also help finance future strategic investments, including its expansion across Asia Pacific and the skincare wellness categories.

In its most recent trading update, Puig said it closed 2023 with record net revenues of EUR 4.3 billion, up 19 percent on 2022, with double-digit growth across all segments and geographies.

In Asia, which accounted for 10 percent of global revenues in 2023, Puig recorded an annual increase of 26 percent.

The positive performance follows Puig’s strategic investment in regions with high growth potential for the company’s brands and the establishment of a strong presence in Asia, including in China and India.