Following the failure of merger discussions with The Estée Lauder Companies in May, Puig is setting out an independent growth strategy, aiming to become a company generating more than EUR 8 billion (approx. USD 8,97 billion) in annual revenues by 2032. Under its new Vision 2032 roadmap, the Spanish beauty group plans to accelerate international expansion, strengthen its core brands and integrate its global operations while preserving their creative autonomy.
Presented at its Capital Markets Day in Madrid, the plan sets out Puig’s ambition to become a Top 4 premium beauty company and a Top 2 fragrance player by 2032. Growth will rely primarily on developing its existing portfolio, complemented by selective acquisitions that bring distinctive brands, capabilities or access to attractive markets.
Four portfolio priorities
Puig will concentrate investment on four areas: Prestige Fragrances, Niche Fragrances, Charlotte Tilbury and Dermo-Cosmetics.
In Prestige Fragrances, the group intends to continue developing Carolina Herrera across fragrances and makeup, while expanding the fragrance portfolios of Rabanne and Jean Paul Gaultier through innovation and global brand activation.
In niche perfumery, Byredo and Penhaligon’s will benefit from increased investments across their existing distribution networks and selective expansion into new markets, particularly the United States and Asia, while maintaining exclusivity and profitability.
Charlotte Tilbury is set to strengthen its position as a multi-category beauty brand, building on its makeup business while accelerating skincare development and preparing to enter fragrance from 2028.
Puig also plans to expand Uriage internationally and across categories and channels. Subject to completion of the proposed ISDIN transaction, the Spanish suncare specialist would join Uriage and Apivita in a broader dermo-cosmetics platform.
Regional expansion and digital acceleration
Geographically, Puig intends to consolidate its positions in Europe, the Middle East and Africa (EMEA), Latin America and Travel Retail, while accelerating development in North America and Asia-Pacific.
In the United States, the group sees particular potential for Byredo and Penhaligon’s, whose presence remains relatively limited compared with the size of the local niche fragrance market. In Asia, the strategy will vary by region, with niche fragrances and Charlotte Tilbury prioritized in Northeast Asia, and prestige fragrances and dermo-cosmetics targeted across Southeast Asia, India and Oceania.
Digital is another key growth area. Puig plans to strengthen partnerships with omnichannel retailers and online specialists, expand selectively through marketplaces and social commerce, and develop its own e-commerce platforms. Travel Retail will also remain a strategic channel, with opportunities to extend the presence of Charlotte Tilbury, niche fragrances and, over time, dermo-cosmetics.
