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Puig (company)

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Puig Brands, S.A.
Company typePublic
BMAD: PUIG
IndustryFashion and fragrance
Founded1914; 110 years ago (1914)
FounderAntonio Puig
Headquarters
Barcelona
,
Spain
Area served
Worldwide
Key people
Marc Puig (CEO)
Products
RevenueIncrease €4.3 billion (2023)[1]
Increase €465 million (2023)[1]
Number of employees
11,124 (2023)[2]
Subsidiaries
Websitepuig.com

Puig Brands, S.A. (commonly Puig; Catalan pronunciation: [ˈputʃ]) is a Spanish fashion and beauty company founded in 1914 by Antonio Puig Castelló in Barcelona, Catalonia, Spain, and still managed by the Puig family.

Puig markets its products in 150 countries and is directly present in 32 of them, employing 11,124 people worldwide.[4] In 2018, it had €2 billion in net revenues and €242 million in net income.[5][4]

Both in the fashion and fragrances sector, Puig operates under the Nina Ricci, Carolina Herrera, and Rabanne brands. In the fashion industry, it is also the majority shareholder of Jean Paul Gaultier and Dries Van Noten.[6] In perfumes, it operates L'Artisan Parfumeur, Penhaligon's and under the license of the brands Christian Louboutin, Comme des Garçons, Adolfo Dominguez, Antonio Banderas, Shakira, Benetton and Byredo.[3] In cosmetics it operates through the French Uriage, majority-owned subsidiares, the British Charlotte Tilbury and the Greek Apivita, and the Spanish joint-venture Isdin. Puig also operates under the brands Dr. Barbara Sturm, Kama Ayurveda and Loto del Sur.[3]

History

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Former Puig headquarters, in Travessera de Gràcia, Barcelona

20th century

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The company's origins date back to 1914 when Antonio Puig Castelló founded the company. Initially the company took the name of its founder, being called Antonio Puig SA. From the beginning, the company oriented its business towards the cosmetic and fragrance sectors.[7]

In 1922, the company marketed Milady, the first lipstick made in Spain.[8]

In the 1940s the company started marketing the fragrance Agua Lavanda Puig,[9] which became one of the flagship products of the company.[10] During those same years, the founder Antonio Puig decided to move the factory and offices to a building located in Travessera de Gràcia street, in the Gràcia district in Barcelona, where the headquarters of the company remain until 2014.[11]

In the following years, the four sons of the founder joined the company. Although the transition took place gradually, Antonio Puig eventually delegated its decision-making to his sons: Antonio and Mariano (died 2021[12]) would focus on the perfume area, Jose Maria on the diversification department, and Enrique on the institutional relationships.[8]

The international expansion of the company began in 1959 with the building of a new factory in the industrial estate Besòs, in Barcelona, and also with the creation of the first branch office outside Spain, in the United States. The US branch office was boosted by a letter written by a Spanish student in the University of Iowa, who lamented the impossibility of buying Agua Lavanda Puig in the US, as it was confirmed years later by company sources.[13]

In 1968, Puig opened a branch office in Paris, at the same time that the company incorporated the Spanish designer brand Rabanne. In 1969, as a result of this collaboration the fragrance Calandre began to be marketed.[14] In 1976, the company built a perfumery factory in Chartres, France.[15] In 1987 Puig acquired Paco Rabanne's Fashion House.[16]

One of the key milestones in the international expansion was the agreement reached in the 1980s with the Venezuelan designer Carolina Herrera in New York City to create and market all her fragrances. Years later, in 1995, Carolina Herrera fashion business area also joined Puig.

In 1997, Puig reached an agreement with Antonio Banderas for the creation and subsequent commercialization of the brand Antonio Banderas Fragrances. The following year the company acquired the brand Nina Ricci, keeping up with the policy of acquiring prestigious brands.[8] In 1999 the Puig family refounded the company, renaming it "Puig Beauty & Fashion Group", but maintaining the same structure and the three business lines: fashion, fragrances, and cosmetics.

Puig acquired Spanish companies Perfumes Gal and Myrurgia.[17][18] Also as the result of these procurements the brands Adolfo Dominguez, Massimo Dutti, and Heno de Pravia, among others, were assimilated into Puig.[8][19]

2000s

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In 2002, the Japanese fashion firm Comme des Garçons joined the company and only a year later it was the turn of the Italian Prada. Both companies became part of Puig’s catalogue of fragrances.[20][21]

Marc Puig, member of the third generation of the family, became the General Director[22] and eventually CEO in 2007, leaving Manuel Puig as vice president.[23] In 2008 the new management reached an agreement with the Colombian singer Shakira for the development of her fragrances.[24]

In 2009 Puig Beauty & Fashion Group changed its trade name for the second time, becoming known simply as Puig.[25]

2010s

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In 2010, Puig acquired the perfume and cosmetics license for Italian designer Valentino.[26] Puig also became the majority shareholder of Jean Paul Gaultier, buying the 45% of the shares Jean Paul Gaultier Fashion House from the French group Hermès and 10% of Jean Paul Gaultier himself, who stayed on as Artistic Director until his retirement in January 2020.[27][28] During 2013, Puig moved its headquarters in France to the well known Champs-Élysées in Paris.[29]

Torre Puig, Plaza Europa, Hospitalet de Llobregat (Barcelona)

In 2014, the company celebrated the centenary of its establishment with the inauguration of the new headquarters, located in Plaza de Europa of Hospitalet de Llobregat, called Torre Puig. This tower is a work of architect Rafael Moneo, laureate of the Pritzker Architecture Prize, and GCA Arquitectos. The building was inaugurated by the Prince of Asturias. At the entrance of the building there is a statue from Joan Miró, ceded for 2 years by Fundació Joan Miró.[30][31][32][33] In 2024, Puig inaugurated a second building within the same complex, known as Torre Puig T2. The inauguration was carried out by Felipe VI and Letizia Ortiz, in their roles as King and Queen of Spain.[34]

In January 2015, Puig acquired fragrance brands Penhaligons and L'Artisan Parfumeur.[8] During 2018, Puig acquired several niche brands, including a majoritary shareholding of Dries Van Noten; boosting at the same time the development of Penhaligon's and L'Artisan Perfumeur. Besides that, the company has also completed a majoritary shareholding of Eric Buterbaugh Los Ángeles, as well as reached an agreement with Christian Louboutin, in order to develop its beauty business.[35]

2020s

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In 2022, the group acquired a majority stake in the Swedish luxury brand Byredo, as well as in Kama Ayurveda and Loto del Sur.[36][37]

In September 2023, Marc Puig was awarded the Premio Empresario del Año (Businessman of the Year) in the inaugural Premios Vanguardia,[38] presented at the National Museum of Art of Catalonia in Barcelona in 2023 by the King Felipe of Spain.[39]

In January 2024, the group acquired the brand Dr. Barbara Sturm to expand its presence in the skincare market.[40] In March 2024 Dries Van Noten announced his retirement, stepping down from his namesake label.[41]

In April 2024, Puig announced plans for an initial public offering (IPO) to raise more than €2.5 billion.[1] The company completed its IPO the following month with a listing on the spanish Stock Exchange, valuing Puig at close to €14bn, leading to its inclusion in the IBEX 35 index. [42] The Puig family continued to have majority voting shares of more than 90% following the offering.[43][44] In conjunction with this development, the company implemented a rebranding of its corporate identity.[45]

In August 2024, Puig expanded its presence in the United States by establishing a regional hub in Miami and opening new offices in New York City, located at Rockefeller Center.[46][47]

Market share

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As of 2023, Puig has 7 production centers, 6 in Europe. Puig's fragrance segment reached a market share of 11% in 2023. The company's earnings were €4.3 billion (approximately $4.7 billion).[48]

Puig commercializes its products in 150 countries and is directly present in 32 of them, employing 11,124 people worldwide. In 2024, turnover reached 4,304 million euros in net revenues and 465 million euros in net income.[5][4][1]

Sailing sponsorships

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One of the classic boats in 2010 Puig Vela Clàssica regatta

The Puig family has always been strongly linked to the sailing world, especially in the figure of the late Enrique Puig, director of the company, president of the Salón Náutico and the Royal Barcelona Yacht Club. The company was the sponsor of the Copa del Rey de Vela from 1984 to 2006.[49]

Puig was the shipowner and sponsor of the sailing boat "Azur de Puig". One of the usual crew of the sailboat was the Infanta Cristina.[50]

Since 2008, in collaboration with the Royal Barcelona Yacht Club, the company boosts and sponsors the "Puig Vela Clàssica" race, which is held in Barcelona waters in July every year.[51] The main feature of this race is that it is reserved for traditional and classical boats only. This regatta is one of the main classical sailboats races of all those celebrated worldwide.[52] As part of the 2024 America's Cup sailing event in Barcelona, Puig became the main sponsor. Additionally, an exclusively female competition called the Puig Women's America's Cup was established, also sponsored by the company.[53][54]

References

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  1. ^ a b c d Jopson, Barney; Levingston, Ivan (8 April 2024). "Beauty group Puig looks to raise €2.5bn in IPO". Financial Times. Archived from the original on 8 April 2024.
  2. ^ "Puig Prospectus". Comisión Nacional del Mercado de Valores. p. 95. Archived from the original on 2 May 2024. Retrieved 5 May 2024.
  3. ^ a b c "Puig". Archived from the original on 24 March 2022. Retrieved 1 August 2014.
  4. ^ a b c "Puig gana 242 millones en 2018, un 6% más, tras facturar 1.933 millones de euros". Expansión. 9 May 2019. Archived from the original on 18 September 2019. Retrieved 19 July 2019.
  5. ^ a b "Puig bate récords de ventas y beneficios y lanza una plataforma para atraer I+D". El Confidencial. 12 April 2018. Archived from the original on 12 June 2018. Retrieved 11 June 2018.
  6. ^ "(in Catalan) The purchase Puig grup Jean Paul Gaultier d'euros per 30 milions". El Punt-Avui. Archived from the original on 3 February 2014. Retrieved 26 April 2012.
  7. ^ "From Barcelona to the World". Emprendedores. Archived from the original on 26 May 2024. Retrieved 26 April 2012.
  8. ^ a b c d e "Puig, a Spanish fashion empire that started with a lipstick". Modaes. Archived from the original on 14 October 2012. Retrieved 26 April 2012.
  9. ^ "Colonies with history". Telva. Archived from the original on 25 September 2013. Retrieved 27 April 2012.
  10. ^ "Classic you share with your mother and your grandmother". Soitu.es. Archived from the original on 23 September 2013. Retrieved 27 April 2012.
  11. ^ "Puig cumple 100 años inaugurando su sede corporativa en la Plaza Europa". El Far. 7 April 2014. Archived from the original on 25 March 2019. Retrieved 7 April 2014.
  12. ^ "Mariano Puig Planas (94), tweede generatie van modegroep Puig, overleden". 14 April 2021. Archived from the original on 14 April 2021. Retrieved 14 April 2021.
  13. ^ "Puig Valentino paraded in Rome". Expansion. Archived from the original on 1 February 2014. Retrieved 26 April 2012.
  14. ^ La Vanguardia, October 9, 2011, Supplement Diners, page 14
  15. ^ "To be multinational in Spain costs a lot, because the domestic market is too small". La Vanguardia. Archived from the original on 16 January 2014. Retrieved 9 May 2012.
  16. ^ "Paco Rabanne, Premio Nacional de Moda". ElPeriódico. 11 November 2010. Archived from the original on 17 January 2014. Retrieved 21 January 2013.
  17. ^ "Antonio Puig enters the capital of displacing Palmolive Gal Perfumes". El País. 14 March 1995. Archived from the original on 17 August 2014. Retrieved 29 April 2012.
  18. ^ Tobarra, Sebastián (18 July 2000). "Puig buy the company Myrurgia family colonies Monegal". El País. Archived from the original on 17 August 2014. Retrieved 29 April 2012.
  19. ^ "Puig is the second largest shareholder by Adolfo Dominguez to buy Myrurgia". La Voz de Galicia. Archived from the original on 16 August 2013. Retrieved 29 April 2012.
  20. ^ "Comme Des Garcons, new signing Puig". ¡Hola!. Archived from the original on 24 July 2018. Retrieved 29 April 2012.
  21. ^ "Puig invests 20 million in Prada". Economía digital. Archived from the original on 17 February 2013. Retrieved 29 April 2012.
  22. ^ Arco, Serafi del (19 June 2004). "The new fragrance of the young Puig". El País. Archived from the original on 18 August 2014. Retrieved 26 April 2012.
  23. ^ "Marc Puig relieve Javier Cano, first president of Puig unfamiliar". El Economista. Archived from the original on 3 February 2014. Retrieved 26 April 2012.
  24. ^ "Shakira and Puig created a new line of beauty products". Ideal. Archived from the original on 3 November 2013. Retrieved 26 April 2012.
  25. ^ "Puig lost their surnames". Alimarket. Archived from the original on 20 March 2014. Retrieved 26 April 2012.
  26. ^ "Puig talks with Permira to buy Valentino". La Vanguardia. 11 January 2012. Archived from the original on 29 October 2013. Retrieved 26 April 2012.
  27. ^ "Puig takes control of the brand Jean-Paul Gaultier". La Vanguardia. Archived from the original on 3 February 2014. Retrieved 26 April 2012.
  28. ^ Elassar, Alaa (2020-01-18). "Couture fashion designer Jean Paul Gaultier announces his retirement from runway". CNN. Archived from the original on 2024-03-19. Retrieved 2024-03-19.
  29. ^ "Puig traslada su sede corporativa en Francia a los Campos Elíseos de París". ABC. Archived from the original on 2014-05-08. Retrieved 2014-06-06.
  30. ^ "Puig cumple 100 años inaugurando su sede corporativa en la Plaza Europa". El Far. 7 April 2014. Archived from the original on 17 October 2017. Retrieved 6 June 2014.
  31. ^ "Los Príncipes y Artur Mas coinciden en la inauguración de la nueva sede de Puig". La Vanguardia. 7 April 2014. Archived from the original on 25 March 2019. Retrieved 6 June 2014.
  32. ^ "Los Príncipes inauguran la nueva sede de Puig en el centenario de la firma". Europa Press. 7 April 2014. Archived from the original on 17 October 2017. Retrieved 6 June 2014.
  33. ^ "COMUNICADO: Sus Altezas Reales Los Príncipes de Asturias y Girona inauguran la nueva sede corporativa de Puig". Europa Press. 7 April 2014. Archived from the original on 3 March 2016. Retrieved 6 June 2014.
  34. ^ "El gigante de la cosmética Puig estrena la torre con la que amplía 21.000 metros cuadrados su sede". El Periódico. 27 August 2024. Retrieved 27 August 2024.
  35. ^ "Puig alcanza unas ventas de 1.933 M€ y un beneficio después de impuestos de 242 M€ en 2018". Revista VPC. 19 May 2019. Archived from the original on 23 August 2019. Retrieved 9 August 2019.
  36. ^ "El grupo Puig compra la firma sueca de lujo Byredo, valorada en 1.000 millones". Cinco Días. 27 August 2024. Retrieved 27 August 2024.
  37. ^ "Puig sigue de compras: adquiere la mayoría de la india Kama Ayurveda". Cinco Días. 27 August 2024. Retrieved 27 August 2024.
  38. ^ "Entrega de la primera edición de los "Premios La Vanguardia"". Castellano (in Spanish). 18 September 2023. Retrieved 22 December 2024.
  39. ^ "Spanish King and Queen attended 'La Vanguardia Awards' ceremony". Newmyroyals. 19 September 2023. Retrieved 21 December 2024.
  40. ^ "Puig adquiere la firma Dr. Barbara Sturm para crecer en el mercado premium de la piel". Cinco Días. 27 August 2024. Retrieved 27 August 2024.
  41. ^ Socha, Miles (2024-03-19). "EXCLUSIVE: Dries Van Noten Is Stepping Down". WWD. Archived from the original on 2024-03-19. Retrieved 2024-03-19.
  42. ^ "Puig, el gigante catalán de los perfumes, debuta en el Ibex 35". Ara. 27 August 2024. Retrieved 27 August 2024.
  43. ^ Gopinath, Swetha; Pham, Lisa (3 May 2024). "Puig Pares Early Gains After Europe's Biggest IPO This Year". Bloomberg News. Archived from the original on 3 May 2024.
  44. ^ "Le groupe Puig est désormais entré en Bourse". Fashion United. Retrieved 7 May 2024.
  45. ^ "Puig renueva su logo a las puertas de la salida a bolsa". La Vanguardia. 27 August 2024. Retrieved 27 August 2024.
  46. ^ "Puig se refuerza en Estados Unidos con nuevas oficinas en Miami". ModaEs. 27 August 2024. Retrieved 27 August 2024.
  47. ^ "Puig se refuerza en EEUU e inaugura oficinas en la Quinta Avenida de Nueva York". Fashion United. 27 August 2024. Retrieved 27 August 2024.
  48. ^ "Las 7 fábricas de Puig: dónde están y qué se fabrica en cada una de ellas". Business Insider. 28 April 2024. Retrieved 4 October 2024.
  49. ^ "Enrique Puig, the union of perfume and sports". World. Archived from the original on 26 November 2013. Retrieved 9 May 2012.
  50. ^ "Cristina joined the 'Azur de Puig "the last day". ABC. 8 August 2005. Archived from the original on 17 October 2017. Retrieved 9 May 2012.
  51. ^ "Trias IV presents the Vela Clàssica Puig". La Vanguardia. 4 July 2011. Archived from the original on 3 February 2014. Retrieved 9 May 2012.
  52. ^ "Fifty sailboat regatta will participate in the Barcelona Classic Sailing". La Vanguardia. 4 July 2011. Archived from the original on 3 February 2014. Retrieved 9 May 2012.
  53. ^ "Puig Women's America's Cup: la revolución femenina en la vela". Forbes. 27 August 2024. Retrieved 27 August 2024.
  54. ^ "Puig entra de lleno en una histórica Copa América'24 de mujeres". Mundo Deportivo. 27 August 2024. Retrieved 27 August 2024.
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