Puig (company)

 

The company's origins date back to 1914 when Antonio Puig Castelló founded the company. Initially the company took the name of its founder, being called Antonio Puig SA. From the beginning, the company oriented its business towards the cosmetic and fragrance sectors.^[13]

In 1922, the company marketed Milady, the first lipstick made in Spain.^[14]

In the 1940s the company started marketing the fragrance Agua Lavanda Puig,^[15] which became one of the flagship products of the company.^[16] During those same years, the founder Antonio Puig decided to move the factory and offices to a building located in Travessera de Gràcia street, in the Gràcia district in Barcelona, where the headquarters of the company remain until 2014.^[17]

In the following years, the four sons of the founder joined the company. Although the transition took place gradually, Antonio Puig eventually delegated its decision-making to his sons: Antonio and Mariano (died 2021^[18]) would focus on the perfume area, Jose Maria on the diversification department, and Enrique on the institutional relationships.^[14]

The international expansion of the company began in 1959 with the building of a new factory in the industrial estate Besòs, in Barcelona, and also with the creation of the first branch office outside Spain, in the United States. The US branch office was boosted by a letter written by a Spanish student in the University of Iowa, who lamented the impossibility of buying Agua Lavanda Puig in the US, as it was confirmed years later by company sources.^[19]

In 1968, Puig opened a branch office in Paris, at the same time that the company incorporated the Spanish designer brand Rabanne. In 1969, as a result of this collaboration the fragrance Calandre began to be marketed.^[20] In 1976, the company built a perfumery factory in Chartres, France.^[21] In 1987 Puig acquired Paco Rabanne's Fashion House.^[22]

One of the key milestones in the international expansion was the agreement reached in the 1980s with the Venezuelan designer Carolina Herrera in New York City to create and market all her fragrances. Years later, in 1995, Carolina Herrera fashion business area also joined Puig.

In 1997, Puig reached an agreement with Antonio Banderas for the creation and subsequent commercialization of the brand Antonio Banderas Fragrances. The following year the company acquired the brand Nina Ricci, keeping up with the policy of acquiring prestigious brands.^[14] In 1999 the Puig family refounded the company, renaming it "Puig Beauty & Fashion Group", but maintaining the same structure and the three business lines: fashion, fragrances, and cosmetics.

Puig acquired Spanish companies Perfumes Gal and Myrurgia.^[23][24] Also as the result of these procurements the brands Adolfo Dominguez, Massimo Dutti, and Heno de Pravia, among others, were assimilated into Puig.^[14][25]

In 2002, the Japanese fashion firm Comme des Garçons joined the company and only a year later it was the turn of the Italian Prada. Both companies became part of Puig’s catalogue of fragrances.^[26][27]

Marc Puig, member of the third generation of the family, became the General Director^[28] and eventually CEO in 2007, leaving Manuel Puig as vice president.^[29]

In 2008 the new management reached an agreement with the Colombian singer Shakira for the development of her fragrances.^[30]

In 2009 Puig Beauty & Fashion Group changed its trade name for the second time, becoming known simply as Puig.^[31]

In 2010, Puig acquired the perfume and cosmetics license for Italian designer Valentino.^[32] Puig also became the majority shareholder of Jean Paul Gaultier, buying the 45% of the shares Jean Paul Gaultier Fashion House from the French group Hermès and 10% of Jean Paul Gaultier himself, who stayed on as Artistic Director until his retirement in January 2020.^[33][34] During 2013, Puig moved its headquarters in France to the well known Champs-Élysées in Paris.^[35]

 

In 2014, the company celebrated the centenary of its establishment with the inauguration of the new headquarters, located in Plaza de Europa of Hospitalet de Llobregat, called Torre Puig. This tower is a work of architect Rafael Moneo, laureate of the Pritzker Architecture Prize, and GCA Arquitectos. The building was inaugurated by the Prince of Asturias. At the entrance of the building there is a statue from Joan Miró, ceded for 2 years by Fundació Joan Miró.^{[36][37][38][39]} In 2024, Puig inaugurated a second building within the same complex, known as Torre Puig T2. The inauguration was carried out by Felipe VI and Letizia Ortiz, in their roles as King and Queen of Spain.^[40]

In January 2015, Puig acquired fragrance brands Penhaligons and L'Artisan Parfumeur.^[14] During 2018, Puig acquired several niche brands, including a majoritary shareholding of Dries Van Noten; boosting at the same time the development of Penhaligon's and L'Artisan Perfumeur. Besides that, the company has also completed a majoritary shareholding of Eric Buterbaugh Los Ángeles, as well as reached an agreement with Christian Louboutin, in order to develop its beauty business.^[41]

In 2022, the group acquired a majority stake in the Swedish luxury brand Byredo, as well as in Kama Ayurveda and Loto del Sur.^[42][43] In 2024, the group acquired the brand Dr. Barbara Sturm to expand its presence in the skincare market.^[44] In 2024, Dries Van Noten announced his retirement, stepping down from his namesake label. Puig is searching for a replacement with Van Noten's input.^[45] In 2024, Puig expanded its presence in the American market by establishing a regional hub in Miami and opening new offices in New York City, located at Rockefeller Center.^[46][47] In April 2024, Puig announced plans for an initial public offering (IPO) to raise more than €2.5 billion.^[1] The company completed its IPO the following month with a listing on the spanish Stock Exchange, valuing Puig at close to €14bn, leading to its inclusion in the IBEX 35 index. ^[48] The Puig family continued to have majority voting shares of more than 90% following the offering.^[49][50] In conjunction with this development, the company implemented a rebranding of its corporate identity.^[51]

As of 2023, Puig has 7 production centers, 6 in Europe. Puig's fragrance segment reached a market share of 11% in 2023. The company's earnings were €4.3 billion (approximately $4.7 billion).^[52]

Puig commercializes its products in 150 countries and is directly present in 32 of them, employing 11,124 people worldwide. In 2024, turnover reached 4,304 million euros in net revenues and 465 million euros in net income.^{[5][6][7][8][9][10][11][4][1]}

 

The Puig family has always been strongly linked to the sailing world, especially in the figure of the late Enrique Puig, director of the company, president of the Salón Náutico and the Royal Barcelona Yacht Club. The company was the sponsor of the Copa del Rey de Vela from 1984 to 2006.^[53]

Puig was the shipowner and sponsor of the sailing boat "Azur de Puig". One of the usual crew of the sailboat was the Infanta Cristina.^[54]

Since 2008, in collaboration with the Royal Barcelona Yacht Club, the company boosts and sponsors the "Puig Vela Clàssica" race, which is held in Barcelona waters in July every year.^[55] The main feature of this race is that it is reserved for traditional and classical boats only. This regatta is one of the main classical sailboats races of all those celebrated worldwide.^[56] As part of the 2024 America's Cup sailing event in Barcelona, Puig became the main sponsor. Additionally, an exclusively female competition called the Puig Women's America's Cup was established, also sponsored by the company.^[57][58]

 

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