Puig targets more than €8 billion in sales by 2032 as it eyes Parfums de Marly

Spanish beauty and fashion group Puig — owner of Carolina Herrera, Rabanne, Jean Paul Gaultier, Byredo and Charlotte Tilbury — presented its “Vision 2032” plan at its first Capital Markets Day in Madrid on Wednesday.

The targets

• Annual net revenue of more than €8 billion by 2032, mainly through organic growth (2025 revenue: €5.04 billion).
• Adjusted EBITDA above €1.8 billion and a margin above 22.5%; free cash flow above €900 million.
• Become a top-four premium beauty company and a top-two fragrance player; keep a 40% dividend payout.
• Charlotte Tilbury to grow 1.5 times by 2032 and enter fragrance from 2028, according to Reuters.

“Vision 2032 is our plan to scale what works, profitably,” chief executive Jose Manuel Albesa said.

Deal interest

Separately, Reuters reported, citing two people familiar with the matter, that Puig, along with private equity firms CVC and Cinven, is among the suitors for Parfums de Marly, the niche fragrance brand owned by Advent International. One person said it could be valued below €2 billion and that Puig was seen as less active than rivals; talks are ongoing with no certainty of a deal, and the companies declined to comment.