Spanish fashion group Puig said it plans to list its shares on the local stock exchange. The group owns the brands Nina Ricci, Paco Rabanne and has a controlling stake in Jean Paul Gaultier, reported AFP.
"Puig announces its intention to proceed with an initial public offering (IPO) with a view to listing on the Madrid Stock Exchange," the Barcelona-based family group specializing in perfumes and cosmetics said in a statement.
The aim is to raise an initial €1.25 billion through newly issued shares, after which a "larger secondary offering" of existing shares held by holding company Exea will be made.
The company did not say how much it plans to raise through the secondary offering.
"Today's announcement is a decisive step in Puig's 110-year history," said Chairman and CEO Mark Puig.
"The initial public offering will allow us to better compete in the international beauty market during the next stage of the company's development," the CEO said.
He had already floated the idea of an initial public offering in October in an interview with the Financial Times, saying it would bring market "discipline" without the founding family giving up control.
Founded in Barcelona in 1914 by businessman Antonio Puig Castello, the company has grown over the years to become a key player in the cosmetics, perfumery and fashion industries.
Last year, Puig reported sales of 4.3 billion euros, which is 19% more than in 2022, and a net profit of 465 million euros, which is 16% more than the previous year./BGNES
The Puig fashion group will launch its shares on the Spanish stock exchange
