Privately held Spanish company Puig, which owns luxury fashion and perfume brands including Jean Paul Gaultier, Nina Ricci, Carolina Herrera, Paco Rabanne, Charlotte Tilbury, and others, is planning to go public this year on Madrid and other Spanish exchanges, according to a regulatory filing, on Monday. There is some excitement in European and global markets as this could be the biggest initial public offering of the year in Europe and the world. CWEB has analyzed the proposed offering of billions of shares on the public market.
The family-owned Spanish group Puig owns perfume and makeup brands. The Barcelona-based business is 110 years old and was founded by Antonio Puig Castello in 1914. It is run by Marc Puig, the third generation in his family. He is the chair and chief executive and has led the business since 2004, and the family will remain the major shareholder.
The Puig family wants to raise about 1.25 billion euros through a primary offering. This will be followed by a secondary sale of shares, which would raise the amount to about 2.5 billion euros, equivalent to about $3 billion. After the IPO, the group is expected to be valued at more than $10 billion.
The Puig family has not mentioned the stake it expects to sell to the public. It said it would hold Class A shares worth five votes and offer the public and investors Class B shares worth one vote.
Although global and European markets have seen a slowdown since the pandemic, and sales have also been slow, CWEB analysts think there is some excitement building with this IPO. The beauty and perfume giant says that its makeup and fragrance divisions have been resilient, unlike watches, handbags, and other luxury products such as fashion and skincare, and has reported double-digit growth.
Although it is much smaller than Estée Lauder and L’Oreal, the Puig family-run conglomerate has famous, well-known, and established brands in its business. It has 17 brands that are available in 37 countries. It may be considered a good investment.
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