MADRID (Reuters) – Cosmetics group Puig, owner of brands such as Carolina Herrera, Rabanne and Charlotte Tilbury, announced on Monday plans to raise more than 2.5 billion euros in its initial public offering (IPO). ) on the Spanish market.
This would be the largest listing in Spain after that of airport operator AENA in February 2015.
The fashion and perfume group controls 11% of the global high-end perfume market. Thanks to recent acquisitions, its exclusive skincare and makeup brands sold €4.3 billion worth of products last year, an increase of 19% compared to 2022.
The Puig family, who will retain a majority stake in the group, hopes the IPO will bring the company’s structure in line with other companies in the high-end beauty sector.
The IPO market has remained calm for two years, both globally and in Spain, due to economic and geopolitical uncertainty, but with interest rates looming, bankers are now hoping for a recovery.
A series of IPOs in Europe this year have produced mixed results. Companies including Swiss skincare group Galderma and defense firm Renk have soared after market debuts, while German perfume retailer Douglas’ stock remains below its IPO price in stock exchange.
(Reporting Pablo Mayo Cerqueiro, Corina Pons, David Latona and Jesus Aguado; French version Federica Mileo, editing by Kate Entringer)
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