Charlotte Tilbury owner Puig aims to raise over €2.5 billion in IPO

Spanish beauty group Puig is preparing an initial public offering through which it aims to raise over €2.5 billion.

The owner of Paco Rabanne, Charlotte Tilbury and Byredo, among others, has announced its plans for an IPO on the stock exchanges in Barcelona, Madrid, Bilbao and Valencia, according to BoF.

The company said it wanted to raise around €1.25 billion through a primary offering, followed by a larger secondary share sale that would bring the total funds raised to over €2.5 billion.

The Puig family would retain a majority stake in the company and the "vast" majority of voting rights, it confirmed.

"It is important for any family business to have the right checks and balances in place, particularly during generational transitions," said Marc Puig, Chairman, CEO and the third generation of his family to head up the business.

"We believe that the balance of being a family-owned company that is also subject to market accountability will allow us to better compete in the international beauty market during the next phase of the company’s development."

Reports suggest that the Barcelona-based company plans to further diversify into skincare and makeup, as well as focus on prioritising brands it owns outright rather than licences, which are said to be expensive to renew and disruptive when they lapse.

95% of revenues came from fully-owned or majority-owned brands like Paco Rabanne, Dries Van Noten or Nina Ricci last year.

The move also follows a number of acquisitions in recent years. In January, Puig purchased Dr. Barbara Sturm, following its acquisitions of Byredo, Kama Ayurveda and Charlotte Tilbury since 2020.

Rumours of a potential IPO have circulated for several months. Last year, the company grouped its businesses under the publicly limited company Puig Brands SA to prepare itself to float.