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Puig has reported a strong 2023 performance as speculation continues about when or if it will go public.
The Spanish fashion and beauty conglomerate — which owns brands including Rabanne, Jean Paul Gaultier, Carolina Herrera, Dries Van Noten, Charlotte Tilbury and the recently acquired Dr Barbara Sturm — reported sales of €4.3 billion, an increase of 19 per cent year-on-year.
It means Puig is firmly on track to reach its annual sales target of €4.5 billion by 2025. Still, the company remains small compared to some of its rivals (by comparison, LVMH sales were up 13 per cent to €86.2 billion in 2023 and L’Oréal’s 2023 sales were up 11 per cent to €41.18 billion).
Puig chairman and CEO Marc Puig told The Financial Times in October 2023 that an initial public offering (IPO) was on the table: “One option would be to open up the capital and opening the capital could mean a private equity shareholder, it could mean a much longer-term shareholder, or it could mean the market,” the executive told the newspaper. According to The Financial Times’s banker sources, the company valuation is around €8 billion to €10 billion. Puig did not comment further on this or its plans following the 2023 earnings release.
In 2023, revenue from Puig’s largest segment, fragrances and fashion (representing 72 per cent of the total business) rose 17 per cent. A milestone was reached with Rabanne becoming the first Puig brand to hit the €1 billion revenue mark, while Jean Paul Gaultier “became the fastest-growing brand in the Puig portfolio”. Dries Van Noten has a “particularly dynamic momentum”, and Byredo “achieved double-digit growth”.
