Spanish designer brands conglomerate Puig is set to be the latest green-shoot in Europe’s IPO market, as the Jean-Paul Gaultier and Paco Rabanne owner prepares to file for a float in Madrid.
The finer financial details for the IPO, including the expected share price and the total amount being raised, has yet to be determined, though reports have suggested it will be in the billions.
Chair and chief executive Marc Puig in a company statement said the public listing would allow the group to ‘better compete’ in the international beauty market.
Puig, in the 2023 financial year, enjoyed a robust financial performance with net revenues reaching €4.30 billion, up 19% on the previous year, whilst net profit was up 16% to €465 million – and earnings (EBITDA) amounted to €849 million, up 33%.
The proposed Spanish IPO comes as other private European groups seek to test a market that’s effectively been shut for much of the past year.
The likes of Galderma Group, a Swiss skincare brand, and German cosmetics firm Douglas are also said to be plotting listings for their shares.