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Puig Confirms It Is Mulling an IPO

The Spanish fashion and beauty conglomerate is weighing its options for new investment.
An image of Puig chairman and CEO Marc Puig in conversation.
Puig chairman and CEO, Marc Puig. (Getty Images)

Puig, the Spanish conglomerate that owns brands including Charlotte Tilbury, Byredo and Paco Rabanne, is considering an initial public offering among a number of strategic options for the company to attract fresh capital while retaining control in the hands of its family owners.

An IPO “is only one of several options and no decision has been taken,” the company said in an emailed statement confirming comments by chairman Marc Puig first reported by the Financial Times.

Puig, who is a third-generation leader of the family-owned business, told the paper that an IPO would bring market discipline without forcing the family to give up their control over the business.

Rumours began to swirl in September that Puig had hired the investment banks Goldman Sachs and JPMorgan as advisers for a potential IPO, but the company declined to comment at the time.

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Puig is something of an anomaly by not being publicly traded: its rivals, including L’Oréal, Estée Lauder and Coty on the beauty side and LVMH and Kering on the fashion side are all market stalwarts.

The business has proven resilient to a global slowdown in luxury spending. Marc Puig told the FT that the business expects sales in excess of €4 billion ($4.2 billion) this year, ahead of its self-imposed goal of €4.5 billion by 2025.

Bankers value the business at €8-€10 billion.

Learn more:

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