Europe’s biggest IPO of 2024 saw Spanish conglomerate Puig exceed its share price of 24.50 euros to 25.50 euros on Friday, resulting in a market capitalisation of 13.9 billion euros after it sold 106.5 million shares.
The funds raised, some 2.6 billion euros, will allow the fragrance and fashion group to make further acquisitions and reduce its debt.
The parent of brands including Rabanne, Dries Van Noten, Jean Paul Gaultier and Charlotte Tilbury, Puig’s diversifaction has thus far proven fruitful.
Despite a slowdown in the luxury market, beauty and fragrance have fared well, and also make up the majority of Puig’s business. The Financial Times said these categories proved resilient with shoppers still willing to indulge in more moderately priced lipsticks and perfumes despite inflation and high interest rates.
In contrast to rival conglomerate LVMH’s family succession plans, Puig, a family-operated business, has signaled a departure from automatic familial leadership. CEO Marc Puig, a third-generation member of the founding family, emphasises the value of including a significant number of non-family members in key operational and compensation roles.
Fortune said a marked difference in board composition between Puig and companies like LVMH, highlights Puig’s deliberate approach to incorporating both family and non-family members. Presently, only two Puig family members serve on the 13-person board, in contrast to LVMH, where nearly all members of the next generation of Arnaults occupy board positions.