The group has laid out an ambitious plan to return to growth with a goal to rebound swiftly from the pandemic and surpass €4 billion in sales by 2025. Sales are expected to dip to €1.5 billion this year, down from €2 billion last year.

The company’s five-year strategy involves growing Paco Rabanne and Carolina Herrera into billion-euro brands, and scaling beauty brands Charlotte Tilbury and Isdin to each reach €500 million in sales.

To support its ambitions, the company has reorganised its business into three divisions. The biggest, Beauty and Fashion, will house the majority of Puig’s brands, including Paco Rabanne, Carolina Herrera and Dries Van Noten, as well as licences for Christian Louboutin and Comme des Garçons Parfums. Charlotte Tilbury, of which Puig acquired a majority stake in June, will sit as its own division, while the newly created Derma division will house Uriage, Apivita and Isdin.

The company will also increase its stakes in Loto del Sur, based in Colombia, and Kama Ayurveda, based in India, to become a majority shareholder