(Bloomberg) -- Over four days of celebrations to mark its centenary in 2014, Spain’s biggest beauty products company inaugurated a new headquarters in...
-- Over four days of celebrations to mark its centenary in 2014, Spain’s biggest beauty products company inaugurated a new headquarters in Barcelona attended by the Iberian nation’s then Prince Felipe and threw a splashy party for more than 1,000 people at the world's largest art nouveau complex.BHP Makes Takeover Approach For Rival Miner Anglo American
The IPO would add the Puigs to the ranks of Europe's wealthiest families, with its fortune amounting to as much as $11.7 billion based on the top end of the IPO pricing range, according to the Bloomberg Billionaires Index. Even before announcing the IPO plan, Puig had begun making changes to the family-run enterprise. In recent years it worked on making the board more independent: CEO Marc and Vice Chairman Manuel, both 62, are the only family members on the 13-strong company board.
Over the last 13 years, the company built the bulk of its 17-label portfolio, spending €2.5 billion on a buying spree that included the acquisition of Swedish cult perfume firm Byredo and beauty brand Charlotte Tilbury. Last year the group saw a 33% jump in profit of €849 million on revenue of €4.3 billion.
“They are playing a market where size matters,” said Bloomberg Intelligence analyst Andrea Ferdinando Leggieri. “But the more the bigger brands acquire, the more difficult it becomes to catch up so I think now is the moment for Puig to catch up, or stay behind.” “Puig essentially has always been a fragrance driven company, pure and simple; the majority of competitors have fragrance as a part of a wider business,” she said.
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