Puig unveils Vision 2032 strategy targeting 8 billion euros in net sales

Madrid – Following a postponement prompted by talks regarding a potential, and ultimately unsuccessful, merger with The Estée Lauder Companies, Puig finally held its first “Capital Markets Day” as a listed company on Wednesday, October 28. The historic, century-old Spanish group used this investor day to unveil its new strategic plan. The primary ambition of this roadmap is to surpass the 8 billion euros (8.91 billion dollars) sales mark by 2032.

Presented under the illustrative title “Vision 2032”, the renewed business plan focuses on expanding cosmetics, perfumery and dermo-cosmetics over the next seven years. The Spanish group will clearly continue to focus on these three areas to drive and consolidate its next phase of growth and expansion. For this new chapter, it is equally clear that the company will continue to leverage the fashion houses within its portfolio to sell perfumes and cosmetics. It has not proposed or presented any initiatives to boost its operations or presence within the fashion sector itself. This dynamic aligns with the strategy implemented by Puig over the years. During a particularly complex period for the luxury sector where its portfolio fashion brands are positioned, the group has decided to reiterate its stance and remain firm. Notably, the word “fashion” does not appear once in the press release issued by the company to present the key points of this new strategic plan. Beyond the financial figures, the 2032 roadmap aims to position Puig globally among the top four “premium beauty” companies, and as one of the top two global fragrance businesses.

With the presentation of this new master plan, “Puig begins this new chapter from a position of strength”, as “today we are stronger than at any other time in our more than 110-year history”, highlighted Marc Puig, executive chairman of Puig and a third-generation member of the founding family, in a statement shared by the company's management. “We have a distinct culture and a long-term vision, rooted in our status as a family business, our professional management and our purpose as a ‘Home of Creativity’.” This combination of differentiating characteristics “has led us to exceed five billion euros in net sales in 2025, more than tripling our sales over the last five years, and forms the foundation upon which we build ‘Vision 2032’”. The plan “is underpinned by the organic growth of the current portfolio, complemented by selective acquisitions that bring differentiated brands, new capabilities or a presence in attractive categories and markets”. However, as execution progresses, Puig warned, “we will continue to carefully curate our brand portfolio, not simply adding to it, while maintaining the identity and creative autonomy of each of our ‘Love Brands’ and offering them access to Puig's global capabilities and scale”.

Carolina Herrera strengthens make-up as Charlotte Tilbury enters perfumery

In summary, Puig indicated that the company will focus on driving profitable growth and creating long-term value when executing this roadmap. To achieve these ambitions, it will concentrate investments on the main brands, categories, markets and channels that offer the clearest opportunities for profitable growth across the group's various business units. For these verticals, the company also announced it is evolving towards a much more integrated organisational structure. This will help support the distinct growth strategies of each brand while preserving their creative autonomy.

Breaking down the initiatives to be implemented and capitalised upon under this new strategic plan by brand, Puig has concentrated its strategic priorities around four main areas to drive growth: developing its “Prestige Fragrances” unit through new fragrances and global activations for Rabanne and Jean Paul Gaultier, alongside developing Carolina Herrera as a dual-category beauty brand by maintaining fragrance growth and expanding its make-up business; strengthening its “Niche Fragrances” portfolio by driving growth at Byredo and Penhaligon’s through expanded production and distribution; growing Charlotte Tilbury as a multi-category beauty brand by expanding its distribution network, accelerating growth in make-up and skincare, and entering the fragrance category from 2028; and consolidating its dermo-cosmetics unit by completing the acquisition of Isdin and doubling the size of Uriage by 2032 through expansion into new categories, channels and markets, aiming to form a vertical alongside Apivita's operations with over one billion euros in pro forma net sales.

Regarding the execution of these strategies by channel and market, the company has ambitions to continue consolidating in the EMEA region and the travel retail channel, while strengthening its presence in Latin America. Beyond this, it has identified six main priority areas to advance towards the goal of reaching eight billion euros in annual net sales by 2032: the digital channel, by strengthening alliances with omnichannel retailers and pure-play digital operators, expanding its presence on marketplaces and social commerce platforms, and reinforcing its own e-commerce platforms; the Asia-Pacific region, driving Charlotte Tilbury and its “Niche Fragrances” brands in North-East Asia, alongside “Prestige Fragrances” and “Dermo-cosmetics” in South-East Asia, India and Oceania; and the US, where Byredo and Penhaligon’s operations will be boosted to leverage growth for Puig's “Niche Fragrances” portfolio. From a broader global perspective aligned with brand strategies, these initiatives will be completed by a greater commitment to developing women's fragrances within Puig's “Prestige Fragrances” portfolio, featuring new perfumes from Rabanne and the first from Charlotte Tilbury; expanding Charlotte Tilbury's distribution; and globally expanding brands within the “Dermo-cosmetics” portfolio into new markets and channels, including specialist retailers, department stores, travel retail points-of-sale and digital platforms.

Sales of 8 billion euros by 2032

Through the execution of this roadmap, Puig's primary ambition remains surpassing eight billion euros in net sales by 2032. Reaching this figure would represent growth of +58.67 percent by the end of the strategic plan, compared to the 5.04 billion euros the Spanish company generated during its last full financial year in 2025.

Completing the company's forecasts for this upcoming seven-year period, Puig also aims to achieve an adjusted EBITDA margin of over 22.5 percent by the end of the 2032 financial year. This would represent an adjusted EBITDA of over 1.8 billion euros and margin growth of more than 180 basis points compared to the 20.7 percent recorded at the close of the 2025 financial year. The group expects to achieve this performance through greater operating leverage in selling, general and administrative expenses as the company continues to scale; improved operational efficiency; and generating synergies across its brand portfolio. Additionally, investments in promotion and advertising are expected to remain within their historical range; the company anticipates maintaining a free cash flow conversion of over 50 percent of EBITDA, equating to more than 900 million euros by 2032; and Puig emphasised it will continue evaluating potential new acquisitions while maintaining its commitment to shareholder remuneration with a dividend payout ratio of 40 percent of net profit.

“Vision 2032 is our plan to profitably scale what works,” noted Jose Manuel Albesa, chief executive officer of Puig. Through its execution, “our ambition is to exceed eight billion euros in net sales in 2032, rank among the top four ‘premium’ beauty companies and become one of the top two global fragrance companies, while achieving an adjusted EBITDA margin above 22.5 percent”. Albesa summarised that these ambitions will be pursued “mainly through organic growth, strengthening our portfolio, driving our strategic brands and concentrating our resources on those categories, markets and channels where we see the clearest opportunities to grow”. In recent years, “Puig has grown steadily above the ‘premium’ beauty market, gaining share across its various categories”. Building on this performance, “Vision 2032 is designed to extend this trajectory, improve margins and strengthen cash generation, while preserving the creativity and entrepreneurial spirit that distinguish Puig”.