Puig CEO unveils plan to become an €8 billion-plus beauty company by 2032

Puig wants to exceed €8bn in annual net revenues by 2032 and become a top four premium beauty company.

CEO Jose Manuel Albesa (pictured above) unveiled Puig’s ‘Vision 2032’ plan at its Capital Markets Day 2026 in Madrid, Spain, on 28 October, an event which outlines the Spanish beauty giant’s ambitions and strategic priorities for its next phase of growth.

Puig aims to become an €8bn-plus company in the next six years via organic growth and by scaling its portfolio profitably across four key areas: prestige fragrances, niche fragrances, dermocosmetics and make-up brand Charlotte Tilbury.

The goal is to be named a top four premium beauty company and a top two fragrance player by 2032, while also achieving an adjusted EBITDA margin above 22.5%.

“‘Vision 2032’ is our plan to scale what works, profitably,” said Albesa.

“We expect to deliver this ambition primarily through organic growth, driven by reinforcing our core portfolio, scaling our strongest brands, and concentrating our resources on the categories, markets and channels where we have the clearest opportunity to win.

“Puig has consistently grown ahead of the premium beauty market while gaining share across its categories.

“‘Vision 2032’ is designed to continue that outperformance, expand margins and strengthen cash generation, while preserving the creativity and entrepreneurial spirit that make Puig distinctive.”

Puig’s ‘Vision 2032’ is built on its track record as the fastest-growing multi-brand premium beauty company over the past five years.

The business has consistently outpaced the market and gained share across fragrances, make-up and skin care during this time.

Puig wants to multiply Charlotte Tilbury’s business x1.5 by 2032

How will Puig’s ‘Vision 2032’ drive growth across its portfolio?

Puig’s ‘Vision 2032’ plan focuses on four key areas: doubling down on prestige fragrances, reinforcing its leadership in niche fragrances, growing Charlotte Tilbury as a multi-category beauty brand, and building its presence as a global dermocosmetics champion.

The company’s main growth opportunity in prestige fragrances is feminine perfumes, which represent approximately 65% of the global prestige fragrance market but only around 45% of Puig’s prestige fragrance business.

Therefore, Puig plans to develop fragrance brand Carolina Herrera as a two-axis beauty brand by continuing to grow its perfume range while also developing its name in make-up.

Rabanne and Jean Paul Gaultier, meanwhile, will continue to build their fragrance portfolios through “disruptive innovation and culturally relevant global activation”, read a Puig company statement.

With niche fragrances Puig’s fastest-growing division, the company wants to reinforce its leadership in this segment of the category over the next six years.

This will involve scaling its Byredo and Penhaligon’s brands through greater productivity in their existing footprint and selective geographic and distribution expansion, particularly in the US and Asian markets, all while “preserving exclusivity and profitability”.

Unleashing Charlotte Tilbury’s “full potential” as a multi-category beauty brand is another key focus, as the cosmetics giant has more than tripled in size since being acquired by Puig in 2020.

Puig wants to multiply Charlotte Tilbury’s business x1.5 by 2032 via growth in make-up, an accelerated focus on skin care, fragrance innovation in 2028 and selective distribution expansion.

Puig has agreed a deal to acquire dermocosmetocs brand Isdin

Lastly, carving its place in the burgeoning dermocosmetics category is another strategic focus.

Puig aims to double sales of its French dermocosmetic brand Uriage by 2032 through category, geographic, e-commerce and channel expansion.

It has also agreed a deal with Corporación Químico-Farmacéutica Esteve (CQFE) to take full ownership of skin care brand Isdin to further expand its presence in dermocosmetics.

Isdin generated approximately €650m in revenues in 2025 and will become a key pillar of Puig’s dermocosmetics platform upon completion of the transaction in Q1 2027, subject to regulatory approvals.

On completion, Isdin, Uriage and [Greek natural skin and hair care brand] Apivita would form a dermocosmetics platform for Puig with more than €1bn in pro forma net revenues.

These strategic goals will be underpinned by a more integrated operating model built around global brands, markets and functions, designed to “accelerate profitable growth and capture the benefits of scale while preserving creative autonomy”, read a company statement.

Puig’s region-specific strategy, meanwhile, will reinforce its strongholds in EMEA, LATAM and travel retail to accelerate growth, while also helping to unlock opportunities in North America and APAC.

In travel retail, Puig has moved from sixth to the third-largest fragrance player since 2021, increasing its market share from 9.6% to 13.0%.

“Puig enters this next chapter from a position of strength,” said Marc Puig, Executive Chairman of Puig.

“Today, we are stronger than at any point in our over 110-year history.

“We have a distinctive culture and long-term vision rooted in family ownership, professional management and an identity that we define as a ‘home of creativity’.

“This has taken Puig beyond €5bn in net revenues in 2025, more than tripling revenues in the last five years, and provides the foundation for ‘Vision 2032’.

“The plan is grounded in organic growth from the existing portfolio, complemented by selective acquisitions that add distinctive brands, capabilities or exposure to attractive categories and markets.”

Puig will expand Penhaligon's geographically

Which whitespace opportunities can help Puig reach its €8bn-plus annual net revenue goal?

Puig has identified six white spaces “at the intersection of brand and market priorities” that can help it achieve its ‘Vision 2032’ plan:

1. Digital – To strengthen omnichannel and pure player partnerships and expand selectively across marketplaces, social commerce and Puig’s own e-commerce platforms.

2. Asia-Pacific – To scale niche fragrances and Charlotte Tilbury in North East Asia, and prestige fragrances and dermocosmetics across South East Asia, India and Oceania.

3. US niche fragrances – To expand Byredo and Penhaligon's selectively to capture the opportunity in the US, which represents 25% of the niche market.

4. Feminine prestige fragrances – To build on the success of Good Girl, La Bomba and 2026 launch of Jean Paul Gaultier’s La Favorite, with further innovation across Charlotte Tilbury and Rabanne.

5. Charlotte Tilbury distribution – To expand selectively within existing markets and enter new markets, while protecting distribution quality and productivity, and preserving brand equity.

6. Dermocosmetics – To expand its dermocosmetics brands into new markets and channels, including specialist beauty, department stores, travel retail and digital platforms.