Puig, the cosmetics big, declares its IPO in Spain | EUROtoday

Puig confirmed this Monday what everybody anticipated and that’s his IPO within the dwelling market. The Catalan high-end cosmetics agency aspires to valuations exceeding 10,000 million euros and to take action it can solely place a minority share amongst institutional buyers, which is able to exceed, in any case, 2,500 million euros (25% of the entire, which is near minimal required for any premiere), as introduced by the agency led by Marc Puig.

According to the deliberate schedule, and within the absence of approval of the official IPO brochure by the regulator, the National Securities Market Commission (CNMV), Puig ought to definitively set the value of its inventory market debut within the final days of the month. April and take the primary steps on the park at first of May.

The goal of the operation is to lift greater than 2,500 million euros by the mixture of a public provide for the sale of shares (IPO) of new problem geared toward certified buyers for an quantity of 1,250 million euros and one other provide to promote present shares of a bigger quantity to be made by the corporate's majority shareholder, Puig, managed by Exea, the Puig household's holding firm.

In any case, the household will keep management of the corporate by a majority stake after a century of historical past behind it and with the third era main this new stage in its IPO.

“Today's announcement is a decisive step in Puig's 110-year history (…) We believe that the balance of being a family company that is at the same time subject to market responsibility will allow us to compete better in the international market.” of magnificence in the course of the subsequent part of Puig's growth. Furthermore, we imagine that turn out to be a listed firm align our company construction with that of one of the best household corporations within the premium magnificence sector“said Marc Puig, executive president of the company.

Puig, as usual, intends to request the listing of his shares on the four Stock Exchanges of our country, such as Barcelona, ​​Madrid, Bilbao and Valencia, and their trading on the Continuous Market.

A luxury multinational

Puig, founded in 1914, is dedicated to the fragrance and fashion, makeup and skin care segments. Based in Barcelona, operates in 32 countries with 17 brands, among which, in terms of revenue, Rabanne, Charlotte Tilbury and Carolina Herrera stand out.. In 2023, Puig fragrances reached an unprecedented market share of 11% in “selective distribution,” the company says in its statement this Monday.

The company obtained net income of 4,304 million euros in 2023, 19% more than in 2022, with double-digit growth in all segments and regions, exceeding its own objectives. Half of this revenue comes from the EMEA region, which groups Europe, the Middle East and Africa; followed by America and Asia, which registered the greatest growth last year (26%).

One of the keys to the luxury sector are the margins with which companies operate. In the case of Puig, this rose to 20% in 2023, according to the company, with an adjusted EBITDA of 863 million euros. Net profit was 465 million euros, 16% more than a year ago. Puig also has a level of debt slightly higher than once its EBITDA, which reaches 1,196 million euros.

The makeup business segment recorded a 23% increase in revenue in 2023 and represented 18% of Puig's net revenue (up from 17% in 2022). Revenue from the skin care segment increased by 31% in 2023, becoming the fastest growing segment for Puig and representing 10% of its revenue.