Puig sets Vision 2032 plan to pass €8 billion in revenue

Puig wants to exceed €8 billion in annual net revenues by 2032 and break into the top four of premium beauty. Chief executive Jose Manuel Albesa set out the target in the 'Vision 2032' plan he unveiled at a Capital Markets Day in Madrid on 28 October.

The Spanish group also wants to be a top two fragrance player by 2032, with an adjusted EBITDA margin above 22.5%. Albesa said the ambition would be met mainly through organic growth, by reinforcing the core portfolio and scaling its strongest brands.

Puig, the Barcelona company that makes and distributes luxury perfumes and cosmetics, calls itself the fastest-growing multi-brand premium beauty company of the past five years. It says it has outpaced the market and gained share in fragrance, make-up and skin care. Net revenues passed €5 billion in 2025.

The four growth pillars

The plan rests on four areas: prestige fragrances, niche fragrances, dermocosmetics and the make-up brand Charlotte Tilbury. Albesa called it a plan to scale what works, profitably, and said it should expand margins and strengthen cash generation while keeping the creativity that makes Puig distinctive.

Executive chairman Marc Puig said the company is stronger than at any point in its more than 110-year history. He pointed to a culture rooted in family ownership and professional management, an identity Puig defines as a 'home of creativity', and said revenues had more than tripled in five years.

Marc Puig added that organic growth from the existing portfolio is the foundation, with selective acquisitions to bring in distinctive brands, new capabilities or exposure to attractive categories and markets. The Isdin purchase, described below, is the acquisition announced alongside the plan.

In prestige fragrance, the main opportunity is feminine perfumes, which are around 65% of the global prestige fragrance market but only about 45% of Puig's own prestige business. Carolina Herrera is to become a two-axis brand, growing its perfume range while building a name in make-up.

Rabanne and Jean Paul Gaultier will keep building their fragrance portfolios through what the company called disruptive innovation and culturally relevant global activation. Niche fragrance is Puig's fastest-growing division, and the company wants to reinforce its leadership there over the next six years.

Byredo and Penhaligon's will scale through greater productivity in their existing footprint and selective expansion in the US and Asia, while preserving exclusivity and profitability. The US represents 25% of the niche market, which is why it is one of six white spaces the group named.

The other white spaces are digital partnerships and marketplaces, scaling niche fragrance and Charlotte Tilbury in North East Asia, feminine prestige fragrance built on Good Girl, La Bomba and the 2026 launch Jean Paul Gaultier's La Favorite, Charlotte Tilbury distribution, and dermocosmetics.

Charlotte Tilbury and dermocosmetics

Charlotte Tilbury, the British cosmetics brand founded by the make-up artist of the same name in 2013, has more than tripled in size since Puig acquired it in 2020. Puig wants to multiply the business by 1.5 by 2032.

That growth is to come from make-up, an accelerated focus on skin care, fragrance innovation in 2028 and selective distribution expansion, entering new markets while protecting distribution quality, productivity and brand equity.

In dermocosmetics, Puig aims to double sales of its French brand Uriage by 2032, expanding across categories, regions, e-commerce and channels. It has also agreed a deal with Corporación Químico-Farmacéutica Esteve to take full ownership of skin care brand Isdin.

Isdin generated about €650 million in revenue in 2025 and completion is expected in the first quarter of 2027, subject to regulatory approvals. With Uriage and the Greek brand Apivita, it would form a platform with more than €1 billion in pro forma net revenues.

The goals will be supported by a more integrated operating model built around global brands, markets and functions, intended to capture the benefits of scale while keeping creative autonomy. Regionally, Puig will reinforce EMEA, Latin America and travel retail, and look for openings in North America and Asia-Pacific.

In travel retail, Puig has moved from sixth to third among fragrance players since 2021, lifting its market share from 9.6% to 13.0%. We reported the €8 billion target when Puig first announced it, and this plan supplies the brand-by-brand detail.

Support the content you love — it’s free 🎉

Add Worthbury as a preferred source on Google. Our stories will be more likely to appear in Google’s Top Stories. It’s free and supports our team. Thank you!

Add as preferred source

You can remove us any time in Google’s source preferences.

This briefing is published daily using an AI-powered system crafted by Worthbury's team and finely tuned to meet our editorial standards. While we continuously test and review the output, mistakes can sometimes happen. Tell us if you spot one.

Image: Puig