Spanish Beauty Giant Puig Seeks to Go Public

Puig, the Spanish beauty giant, is undergoing a corporate restructuring that involves consolidating all of its businesses under Puig Brands SA, which may lead a potential IPO for Puig.

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(Credit: Byredo Mojave Ghost Parfum at Puig Group)

Puig, the Spanish beauty giant, is undergoing a corporate restructuring that involves consolidating all of its businesses under Puig Brands SA, which may lead a potential IPO for Puig.

Puig achieved a new sales record in 2022, generating 3.62 billion euros ($4 billion) in revenue and a net profit of 400 million euros ($441.8 million). The fashion and fragrance division accounted for 74% of its total sales. The company has set a target to reach a revenue of 4.5 billion euros ($4.97 billion) by 2025.

As a result of the restructuring, company Jorba Perfumes has become the new parent company of the Puig group and has been renamed as Puig Brands SA. The company has also undertaken a "non-cash" capital increase of 29.30 million euros ($32.4 million).

In 2022, Puig announced its intention to acquire a majority stake in the Swedish luxury fragrance brand, Byredo. The terms of the deal have not been disclosed yet. The original majority shareholder, Manzanita Capital, will retain a minority stake, while the founder, Ben Gorham, will continue to serve as the Chief Creative Officer.

Besides Puig, other global beauty giants such as L’Oréal and also showed interesting in acquiring Byredo. Puig won the bidding finally.

Byredo's sales are reportedly over $100 million and have been steadily increasing. Industry analysts indicate that the brand's valuation is $1 billion.

In 2019, Byredo officially entered the Chinese market with the opening of its first nationwide store in Shanghai's Henderson Plaza. As of June 2022, the brand has opened a total of 10 stores across China, located in high-end shopping malls and centers such as SKP-S, The Mixc, ICC, and Taikoo Li. These stores are located in Beijing, Shanghai, Shenzhen, Hangzhou, Nanjing, and Chengdu. In 2021, Byredo also launched its flagship store on Tmall.

(Source：fashion network)