Puig Vision 2032: over €8 billion and a top-two spot in fragrance

On 28 October 2026 in Madrid, the Spanish family-owned group Puig unveiled Vision 2032, its roadmap for the next six years. It is aiming for more than 8 billion euros in annual revenue in 2032 and a place among the world’s top two fragrance players. The plan relies first on the brands already in the portfolio, complemented by selective acquisitions.

8 billion euros in sales targeted for 2032

In 2025 Puig posted net revenue of 5,042 million euros, having more than tripled its revenue in five years, according to the group. Vision 2032 sets the next step: exceed 8 billion euros in annual sales, primarily through organic growth. Puig expects to grow faster than a premium beauty market forecast to expand by around 4 to 5% a year through 2032. “Vision 2032 is our plan to scale what works, profitably,” said chief executive Jose Manuel Albesa.

A margin pushed above 22.5%

The group is targeting an adjusted EBITDA margin above 22.5% in 2032, against 20.7% in 2025, which means more than 1.8 billion euros of adjusted EBITDA and an improvement of more than 180 basis points. The levers: operating leverage on selling and administrative costs, a shared platform and around 80 million euros of integration synergies over three years. Cash conversion is to stay above 50% of adjusted EBITDA, equivalent to over 900 million euros of free cash flow in 2032. Puig keeps its 40% payout of net profit and a ceiling of 2.0x net debt to adjusted EBITDA at year-end.

Feminine fragrance, the biggest opportunity

First priority: prestige fragrances. Carolina Herrera is to become a two-axis brand, fragrance and makeup, while Rabanne and Jean Paul Gaultier keep building their fragrance lines. The group’s own figures make the case: feminine fragrances account for around 65% of the global prestige fragrance market, but only around 45% of Puig’s business in the segment. To close the gap, Puig is counting on Good Girl and La Bomba by Carolina Herrera and on La Favorite, launched by Jean Paul Gaultier in 2026. Born in 2016 in its stiletto-shaped bottle, Good Girl became the world’s number one feminine fragrance line in 2024, according to Puig.

Byredo and Penhaligon’s set sights on the US

The second pillar is niche perfumery, the fastest-growing fragrance segment since 2022, expected to approach 20% of the global selective fragrance market by 2032. Byredo and Penhaligon’s are to raise productivity in their existing stores and expand selectively. The United States accounts for 25% of the niche market, but only 14% of Puig’s niche business: it is one of the six growth opportunities the group has identified. The niche portfolio also includes L’Artisan Parfumeur, founded in 1976 by Jean Laporte and acquired by Puig in 2015. For a sense of the very top of the category, see our ranking of the world’s most expensive perfumes.

Charlotte Tilbury moves into fragrance in 2028

Charlotte Tilbury, which joined Puig in 2020, has more than tripled in size since. The group wants to grow the business 1.5 times by 2032, through makeup, faster growth in skincare, carefully selected new distribution and an entry into fragrance from 2028.

Where does dermo-cosmetics fit in?

The fourth priority is dermo-cosmetics. Puig wants to double Uriage by 2032. Subject to completion of the ISDIN transaction, ISDIN, Uriage and Apivita would form a platform with more than 1 billion euros in pro forma revenue. ISDIN generated around 650 million euros in revenue in 2025; regulatory approvals are expected in the first quarter of 2027.

A leaner organisation built around brands

Puig is moving from a divisional structure to an organisation built around global brands, global markets and global functions. The group wants to consolidate its positions in Europe, Latin America and travel retail, where it has climbed from sixth to third among fragrance players since 2021, lifting its market share from 9.6% to 13.0%. It also plans to accelerate in North America and Asia-Pacific. The plan comes amid a two-speed luxury market in the third quarter of 2026.

Information checked on 31 October 2026. Sources: Puig press release of 28 October 2026, Vision 2032 release (PDF), Puig, Good Girl: 10 years.