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Spanish fashion group Puig, which owns the Nina Ricci, Paco Rabanne and has a controllling interest in Jean Paul Gaultier labels, on Monday said it was planning to float its shares on the local stock market.
Puig “announces its intention to proceed with the initial public offering (IPO)” with a view to being listed on the Madrid stock exchange, said a statement from the Barcelona-based family-owned group that specialises in perfumes and cosmetics.
The aim was to raise an initial 1.25 billion euros through newly-issued shares after which it would make a “larger secondary offering” of existing shares held by its holding company Exea.
It did not say how much it was planning to raise through the secondary offering.
“Today’s announcement is a decisive step in Puig’s 110-year history,” said chairman and CEO Marc Puig in the statement, emphasising the firm’s “long term approach”.
The IPO “will allow us to better compete in the international beauty market during the next phase of the company’s development,” he said.
He had already raised the idea of a IPO back in an October interview with the Financial Times, saying it would bring market “discipline” without the founding family relinquishing control.
Founded in Barcelona in 1914 by businessman Antonio Puig Castello, the company has grown over the years to become a heavyweight in the cosmetics, fragrance and fashion industries which has carried out a string of acquisitions in recent years.
Among its brands are Paco Rabanne, Nina Ricci, Charlotte Tilbury and Carolina Herrera and it also holds a majority stake in the luxury Jean Paul Gaultier label.
Last year, Puig posted sales of 4.3 billion euros, a 19 percent increase on 2022, logging net profits of 465 million euros, up 16 percent year-on-year.
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