Puig Targets 8 Billion Euros in Sales by 2032

Puig aims to surpass 8 billion euros in annual net sales by 2032, the Spanish beauty and fashion company announced Wednesday at its first Capital Markets Day in Madrid.

The target implies roughly 59 percent growth from the 5.04 billion euros in full-year 2025 sales that the maker of Carolina Herrera, Rabanne and Jean Paul Gaultier registered. The new roadmap carries the name Vision 2032.

"Vision 2032 is our plan to scale what works, profitably," said José Manuel Albesa, chief executive officer of Puig, in a statement released before the event started.

What numbers did Puig commit to?

The plan rests on four financial targets. Each carries a caveat-free figure, though none addresses external risks such as tariffs or fragrance-market slowdowns.

• An adjusted EBITDA margin above 22.5 percent.
• Free cash flow conversion above 50 percent of adjusted EBITDA.
• More than 900 million euros of free cash flow in 2032.
• A 40 percent dividend payout ratio and leverage capped at 2-times at year-end.

The company pairs these targets with a focus on organic growth and on scaling the profitability of its core portfolio. It did not specify how much of the 8-billion-euro goal depends on acquisitions.

Where does Puig want to rank?

Puig, which started trading as a listed company in 2024, aims to become a top-four premium beauty company and a top-two fragrance player by 2032. The ranking claim lacks a named benchmark; Puig did not say which market-share measure or competitor set defines the rankings.

The group set four portfolio priorities:

• Prestige fragrances.
• Niche fragrances.
• Charlotte Tilbury.
• Dermocosmetics.

Geographically, Puig plans to reinforce EMEA, Latin America and travel retail while stepping up growth in North America and Asia-Pacific. The company described the two latter regions as holding untapped opportunities, without quantifying the gap.

How will the operating model change?

Puig is preparing a more integrated operating model built around global brands, global markets and global functions. The stated purpose: accelerate profitable growth and capture the benefits of scaling. The company said it will maintain creative autonomy inside the structure.

"Puig enters this next chapter from a position of strength," said Marc Puig, executive chairman. "Today, we are stronger than at any point in our over 110-year history. We have a distinctive culture and longterm vision rooted in family ownership, professional management and an identity that we define as a 'home of creativity.'"

The chairman tied the plan to recent performance. "This has taken Puig beyond 5 billion euros in net revenues in 2025, more than tripling revenues in the last five years, and provides the foundation for Vision 2032," he continued. In that five-year window, Puig said it was the fastest-growing multibrand premium beauty company, a claim made without disclosing the comparison group or underlying growth rates.

Acquisitions remain part of the plan, but in a defined role. "The plan is grounded in organic growth from the existing portfolio, complemented by scaling acquisitions that add distinctive brands, capabilities or exposure to attractive categories and market," Marc Puig said. "We will continue to be curators of brands, not aggregators, preserving each Love Brand's identity and creative autonomy, while providing access to Puig's global capabilities and scale."

The test now falls on execution. Puig must lift sales by nearly 3 billion euros in seven years while widening margins, a combination that will require its fragrance engine and Charlotte Tilbury to keep compounding at the pace of the last five.