It was a big year for Spain’s Puig as it made its stock market debut, further bolstered its portfolio and celebrated its 110th anniversary and listing with a new visual identity. The company outperformed both the premium beauty market and its own midterm revenue guidance for the year, and growth was weighted strongly in the second half.
Puig’s May 3 IPO generated €2.6 billion, opening at €25.50 per share, above the €24.59 offer price. It was the largest IPO globally in 2024 and the biggest in Europe since 2022, and values the company at €13.9 billion. The founding Puig family maintains a majority stake.
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In January, the company announced the acquisition of a 65% majority stake in molecular skin care label Dr. Barbara Sturm, homing in on the premium skin care category and boosting its market position in the U.S. It also extended its partnership agreement with Charlotte Tilbury. Puig originally invested in Tilbury’s brand in 2020; sales have more than tripled since then, it said. The new agreement involves Puig progressively taking on full ownership of the brand by 2031, although Tilbury will remain actively involved. It also accelerated its buyout of all remaining shares in Byredo.
As part of its geographic expansion, Puig created subsidiaries in Japan and India during 2024.
Jean Paul Gaultier, Puig’s fastest-growing brand, entered the global top 10 in fragrance for the first time in its history, with Le Mâle estimated to be the third top-selling men’s scent worldwide. Carolina Herrera’s Good Girl also continued to do well, maintaining its status as global number two in women’s, according to estimates, and becoming the number-one women’s line in the U.S. last year.
Growth in niche continued, with Penhaligon’s, L’Artisan Parfumeur and Dries Van Noten seeing double-digit gains.
Nina Ricci launched its first fragrance pillar since Nina in 2006, a scent developed by creative director Harris Reed.
Negatively impacted by strong comparisons — linked to Charlotte Tilbury’s expansion into Ulta in late 2023 — and sell-in/sell-out dynamics, Charlotte Tilbury’s revenues were flat, explaining the slightly negative performance of the group’s makeup business. The brand also did a voluntary recall of batches of its cult Airbrush Flawless Setting Spray over a quality issue, which further impacted business. Despite this, Charlotte Tilbury remained number one in prestige in the U.K. and was number three in the U.S., up two positions. Launches included Unreal Skin Foundation Stick as well as a line of well-being-centric fragrances. Business was also softer for the smaller makeup brands in Puig’s portfolio.
Skin care grew strongly, thanks both to the incorporation of Dr. Barbara Sturm in the ultra-premium segment and strong gains in dermocosmetics with Uriage, which saw double-digit growth.