PARIS – Puig said Monday morning it intends to float on the Spanish Stock Exchanges, ending months of rumors about whether it would go public.
The family-owned Spanish beauty and fashion company said it intends to apply for admission of the shares to the Barcelona, Madrid, Bilbao and Valencia Stock Exchanges and trading through the Automated Quotation System.
“Today’s announcement is a decisive step in Puig’s 110-year history,” said Marc Puig, chairman and chief executive officer of Puig, in a statement. “Thanks to our strategy of building up a portfolio of owned brands, focusing on prestige products and expanding our leadership in niche fragrances, makeup and dermocosmetics, Puig has consistently delivered strong profitable growth.
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“We believe that the balance of being a family-owned company that is also subject to market accountability will allow us to better compete in the international beauty market during the next phase of the company’s development,” he continued.
“Additionally, we believe that becoming a publicly listed company will align our corporate structure with those of best-in-class, family-owned companies in the premium beauty sector globally, help us to attract and retain talent, and support the growth strategy of our brands and portfolio,” Puig said.
