Puig grows. The Catalan group, Puig, presented in Madrid, during its Capital Markets Day, Vision 2032, a roadmap that would lead it to exceed 8,000 million euros in net sales in 2032, 60% more than the 5,042 million in 2025. The adjusted EBITDA margin would go from 20.7% to more than 22.5%, which is equivalent to an EBITDA of more than 1,800 million euros.
The perfumery and cosmetics giant has explained how it will sustain this development. Growth, according to the company, will be mainly organic, with selective acquisitions as a complement. According to the company, these acquisitions must provide "differential brands, new capabilities or presence in attractive categories and markets." Above the premium beauty market, which Puig estimates will grow between 4% and 5% annually. Integration synergies and the One Group platform will contribute about 80 million euros in value in three years.
Four priorities
- Prestige Fragrances: Carolina Herrera, Rabanne and Jean Paul Gaultier, with Carolina Herrera expanding its presence to makeup.
- Niche Fragrances: growth of Byredo and Penhaligon’s, with selective expansion, especially in the US. Puig explains that it will expand its network and enter new geographical markets and new distribution channels.
- Charlotte Tilbury: the group's brand. Puig aims to multiply its business by 1.5 and enter fragrances from 2028. The management estimates that by 2032 it should gain an 'extra' 50% in turnover. One of the keys will be the launch of more affordable products for this highly sought-after and representative brand.
- Dermocosmetics: double Uriage and create, together with ISDIN and Apivita, a platform of more than 1,000 million euros. The purchase of ISDIN, which is expected to close in the first quarter of 2027, is pending authorization. The unknown pursues the Dr. Barbara Sturm brand, which was acquired by Puig in 2024 and has not offered the expected results.
The group has also indicated that it will develop the Carolina Herrera brand and is finalizing its entry into color cosmetics.
Geographically, Puig will strengthen EMEA, Latin America and Travel Retail, and accelerate in North America and Asia-Pacific. This last region is growing by more than 15% this year. The company also foresees a cash conversion of more than 50% of EBITDA, more than 900 million euros in 2032, and maintains its 40% payout.