The company covered by this profile
Puig Brands, S.A. is the Spanish listed parent of a beauty group that develops, manufactures and markets fragrances, fashion, makeup and skincare. Its registered office is at Plaza Europa, 46–48, L’Hospitalet de Llobregat, Barcelona. The group combines its own capabilities with suppliers, distributors and specialist retailers; brand image is one part of a chain that also encompasses formulation, production, packaging and logistics. Puig 2025 consolidated accounts · 2025 business, brands and presence.
The business’s origins in 1914 and the incorporation of today’s legal entity are different events. Puig Brands originated as Jorba B.V., incorporated on 25 February 1983; it was renamed Jorba Perfumes in 2015, converted into a public limited company in 2022 and adopted the name Puig Brands in March 2023. Its class B shares have been listed since 3 May 2024. This profile covers the consolidated group and does not add its shareholder Exea’s sales. Puig 2025 consolidated accounts.
Family origins and development of the portfolio
Antonio Puig Castelló founded the business in 1914. Early milestones included Milady lipstick in 1922 and Agua Lavanda Puig in 1940. The second generation joined in 1950, and the first subsidiary outside Spain opened in 1962, preceding an expansion built on brands and international agreements. The Paco Rabanne beauty licence followed in 1968 and the acquisition of the rest of its business in 1987. Puig history and development · Puig 2025 consolidated accounts.
The 1987 Carolina Herrera beauty licence and the 1995 purchase of its fashion business illustrate how licensing and ownership can start at different times. Subsequent additions included Nina Ricci in 1998, a majority stake in Jean Paul Gaultier in 2011, Penhaligon’s and L’Artisan Parfumeur in 2015, and a majority stake in Charlotte Tilbury in 2020. Apivita and Uriage joined the group in 2021, although family investment companies had invested in them earlier. A family acquisition does not automatically establish when a brand entered the Puig Brands consolidation boundary. Puig history and development.
Shareholder control and current leadership
At year-end 2025, the accounts attributed 74.4% of economic rights and 93.2% of voting rights to Exea Inversión Empresarial, S.L., controlled by Exea Quorum, S.L. The existence of class A and B shares explains why economic ownership and voting power differ. The stock market listing did not remove the family shareholder’s control. Capital and voting rights at year-end 2025.
On 17 March 2026, the board separated the chairman and CEO roles and appointed Jose Manuel Albesa as CEO with immediate effect. Marc Puig remained Executive Chairman, focusing on strategic vision, acquisitions and key appointments. The October sales update identifies Albesa as CEO. Current operational leadership is therefore distinguished from the chairmanship and shareholder governance. Jose Manuel Albesa appointment, March 2026 · January–September 2026 sales.
Business model and revenue by activity
Puig reports three segments. Fragrance and Fashion generated €3,646.055 million in net revenue in 2025; Makeup, €844.751 million; and Skincare, €551.220 million. These amounts total consolidated net revenue of €5,042.026 million and already include the eliminations allocated across activities. One brand may participate in several categories, so the brand portfolio is not a list of separate segments whose revenues can simply be added together. Puig 2025 consolidated accounts.
The model combines brand creation and management, product development, manufacturing and distribution. Prestige and niche brands sit alongside dermocosmetics and licensed products aimed at other audiences. Channels include department stores, specialist beauty retailers, pharmacies, e-commerce, own stores and travel retail. Net revenue deducts returns and discounts from gross sales and includes royalties; it is a different measure from consumers’ total spending across all retailers. 2025 business, brands and presence · Puig 2025 consolidated accounts.
Owned brands and licences
The owned portfolio described in the accounts comprises Carolina Herrera, Jean Paul Gaultier, Rabanne, Charlotte Tilbury, Nina Ricci, Dries Van Noten, Penhaligon’s, L’Artisan Parfumeur, Byredo, Dr. Barbara Sturm, Uriage, Apivita, Kama Ayurveda and Loto del Sur. It combines fashion houses with fragrances, makeup specialists and skincare brands. Controlling a business does not necessarily mean that every minority interest has already been purchased. Puig 2025 consolidated accounts · 2025 business, brands and presence.
Christian Louboutin, Adolfo Domínguez and Banderas are presented as beauty licences. A licence permits specified products or categories to be exploited under a contract; it does not make the brand owner a Puig subsidiary. Nor should a fashion house’s entire global business be attributed to the group because Puig markets its fragrances. 2025 business, brands and presence · Puig 2025 consolidated accounts.
Investments and the pending ISDIN acquisition
In 2025, ISDIN was a 50%-owned joint venture accounted for using the equity method. The same note lists Granado, through Ponteland Distribuição, at 35%; Sociedad Textil Lonia at 25%; and Scent Library at 15%. The full revenues of these entities disclosed in that note are not added to Puig’s consolidated revenue. Their accounting treatment differs from that of controlled subsidiaries. Associates and joint ventures.
On 14 September 2026, Puig announced an agreement to acquire the remaining 50% of ISDIN from Corporación Químico-Farmacéutica Esteve. The agreed price includes €900 million at closing and a deferred €300 million payment in the first quarter of 2029. October announcements still expected completion in the first quarter of 2027, subject to regulatory approvals. The agreement is therefore not presented as a completed acquisition, and 100% of ISDIN’s revenue is not retrospectively included in Puig’s 2025 sales. Agreement to acquire the remaining 50% of ISDIN · January–September 2026 sales · Vision 2032: targets announced in October 2026.
Facilities and markets
The 2025 report identifies seven production plants in four countries: six in Europe and one in India. The network comprises Alcalá de Henares and Vacarisses in Spain; Chartres, Échirolles and Saint-Martin-d’Uriage in France; Markopoulo in Greece; and Coimbatore in India. Corporate headquarters in the Barcelona area are complemented by regional hubs in Paris, London and New York. The report describes 330 own stores, offices and subsidiaries in 33 countries, and sales in more than 150 markets. 2025 business, brands and presence · Health and safety system and certification.
By customer destination, EMEA — Europe, the Middle East and Africa — generated €2,751.961 million of net revenue in 2025; the Americas, €1,759.573 million; and Asia-Pacific, €530.492 million. Customer location differs from factory location and asset ownership. Construction of a new fragrance plant in Chartres began during 2025: it is an industrial project, not additional capacity that should be assumed to have been operational that year. Puig 2025 consolidated accounts · Innovation and new processes.
2025 consolidated figures
Net revenue reached €5,042.026 million, compared with €4,789.779 million in 2024. Profit for the year was €617.102 million, of which €593.696 million was attributable to the parent and €23.406 million to non-controlling interests. The parent-attributable figure is highlighted in this profile’s facts. The accounts were drawn up on 16 February 2026. Puig 2025 consolidated accounts.
The revenue reconciliation starts with gross sales of €5,695.299 million, adds €23.886 million in royalties and deducts €534.767 million in discounts and €142.392 million in returns. No customer accounted for more than 10% of net revenue. Keeping this accounting basis enables comparisons within the same consolidation boundary, without confusing it with adjusted measures, strategic targets or partial-year 2026 sales. Puig 2025 consolidated accounts.
Research, packaging and new capabilities
Research and development expenses were €43.896 million in 2025. Innovation also concerns packaging and the sales process: Uriage participated in Pharma-Recharge, a collective pharmacy refill initiative whose first two units were installed in Bayonne and Avignon in November 2025. The report envisages extending the pilot to other pharmacies in 2026; it does not describe universal deployment or independently demonstrate the environmental savings of every purchase. Puig 2025 consolidated accounts · Innovation and new processes.
Puig also reports a collaboration with Hospital de Sant Pau’s Digital Health Validation Center to explore clinical validation of AirParfum, its scent-testing technology, as a possible tool for early detection of neurodegenerative diseases. This is research and potential validation: it does not establish an authorised clinical diagnostic application, proven efficacy for that purpose or an employee health surveillance programme. Innovation and new processes.
People, workplaces and training
The group ended 2025 with 13,016 directly employed people, compared with 12,116 a year earlier. Its average of 11,553 full-time equivalents is a separate measure. The report excludes interns, freelancers and third-party employees from this count. The accounts identify 5,506 people in point-of-sale positions and 800 in production: a description of work across the group cannot be limited to factories. Puig workforce and training · Puig 2025 consolidated accounts.
Puig reported 22.2 training hours per average full-time equivalent. This is general training, not an exclusively occupational safety figure. The company explains that the increase over 2024 includes programmes not previously included in reporting, so the change should not be interpreted entirely as a comparable increase in learning time. Direct employees and third-party workers require separate tracking. Puig workforce and training.
Prevention management and the scope of ISO 45001
The report states that 100% of employees are covered by the health and safety management system. Separately, it reports 67% progress in ISO 45001 certification of production plants and headquarters, against a target of 100% by 2030. Employee coverage and facility certification are not interchangeable indicators. These workforce metrics concern people directly employed by Puig and should not be extrapolated to contractors and suppliers. Health and safety system and certification · Puig workforce and training.
Among the certified locations, the 2025 appendix identifies Puig towers T1 and T2, the French Champs-Élysées and Washington Plaza offices, and the Alcalá, Vacarisses, Chartres and Coimbatore plants. The report planned to bring skincare factories in Greece and France within that scope in 2026. The reporting date and prospective status matter: the annual information is insufficient to assert that subsequent expansion has been completed or that every certificate remains valid without checking the specific certificate. Health and safety system and certification.
Participation and measures at individual plants
In 2025, Puig launched its production health and safety “Re-evolución” programme. In Alcalá de Henares, it assessed prevention culture through a questionnaire with a 63% participation rate and held a leadership workshop on commitments. Survey participation measures consultation reach, not a reduction in injuries or the absence of hazards. Prevention measures by site.
In Vacarisses, it established a direct line to the prevention team to report risks and suggestions, receive feedback and feed the information into site assessments. Chartres developed basic safety rules, while Coimbatore, Markopoulo, Échirolles and Saint-Martin-d’Uriage prepared to integrate their local models into the global framework in 2026. The described organisation combines plant management, human resources, specialists and worker representation; local implementation remains necessary to turn policies into concrete controls. Prevention measures by site · Health and safety system and certification.
Accidents and occupational disease
For direct employees, Puig reported 183 accidents with and without lost time in 2025, compared with 177 in 2024, and zero work-related fatalities. Days lost due to injuries and work-related causes increased from 3,725 to 3,791. Cases of occupational disease were 15, compared with 10. These are separate results that should be read together; an increase in counts does not disappear when a different rate is selected. 2025 health and safety outcomes.
The frequency rate fell from 3.24 to 2.65 lost-time accidents per million hours actually worked. Its numerator includes only lost-time accidents, whereas the total of 183 includes accidents without lost time as well. The measures can therefore move differently, and dividing 183 by working hours would not reconstruct the reported rate. The published boundary excludes contractors’ and suppliers’ personnel, so these indicators do not describe the entire value chain. 2025 health and safety outcomes · Puig workforce and training.
Emissions and limits to comparison
In 2025, Puig reported 4,170 tonnes of CO₂ equivalent in Scope 1; 834 in market-based Scope 2 and 4,404 in location-based Scope 2; and 559,282 in Scope 3. The gross market-based total was 564,286 tonnes. Different electricity accounting changes the Scope 2 result and does not physically eliminate emissions from the grid. Emissions and environmental reporting boundary.
Scope 1 rose by 25%, mainly because propane consumption at Uriage’s hotel, thermal centre and spa was added to the inventory. This coverage change needs to accompany the comparison. The fall in market-based Scope 2 is attributed to additional energy certificates and power purchase agreements. The report does not quantify the use-of-sold-products category because it considers it non-significant, and no new investments in carbon credits were made in 2025. None of these points establishes that the group has no emissions. Emissions and environmental reporting boundary.
Documented incidents, complaints and proceedings
The 2024 results acknowledged the effect on the makeup business of a voluntary withdrawal of selected Charlotte Tilbury Airbrush Flawless Setting Spray batches in December that year. This concerns the specified batches and period; it is not a withdrawal of the entire brand or evidence that a recall remained active in November 2026. 2024 results and selective batch withdrawal.
On employment matters, the 2025 report records 103 queries or complaints through the whistleblowing channel, 88 submitted by Puig personnel; 23 were still awaiting classification. Five reports were initially submitted as harassment complaints: one was confirmed following investigation, and four remained under investigation when the report was prepared. The company reported no fines in the confirmed case. A query or initial classification does not by itself establish a proven incident. 2025 complaints and internal investigations.
The 2026 half-year report describes Spanish tax inspections and both agreed and disputed assessments, the latter mainly concerning transfer pricing. According to Puig, defence arguments and double-taxation mechanisms could limit the financial effects. This is the company’s assessment at the reporting date, not a favourable court ruling or a finding of a criminal offence. No subsequent outcome is assumed. Tax inspections in the 2026 half-year report.
Changes and targets announced in 2026
On 21 October, Puig reported €3,744.5 million in January–September sales, up 4.1% on a reported basis and 4.8% at constant scope and exchange rates. This covers nine months and does not replace the full 2025 financial year. On 21 May, it had informed the CNMV that discussions about a potential business combination with Estée Lauder had ended without agreement; these sources do not establish a merged group to be added to Puig. January–September 2026 sales · End of talks with Estée Lauder.
At its 28 October Capital Markets Day, Puig presented Vision 2032: exceeding €8,000 million in annual net revenue and an adjusted EBITDA margin above 22.5%, with priorities in prestige and niche fragrances, Charlotte Tilbury and dermocosmetics. These are future targets dependent on execution and market developments. The planned ISDIN integration forms part of the strategy but remained subject to approvals and closing. Vision 2032: targets announced in October 2026 · Agreement to acquire the remaining 50% of ISDIN.
Frequently asked questions
Was Puig founded in 1914 or 1983?
The family business was founded in 1914. Today’s Puig Brands legal entity originated as Jorba B.V., incorporated in 1983. Industrial history and legal identity need to be distinguished. [1] · [2]
Is Marc Puig still the CEO?
Jose Manuel Albesa has been CEO since 17 March 2026. Marc Puig remains Executive Chairman; these are separate positions following the board’s decision to split the roles. [1] · [2]
Is ISDIN already fully consolidated into Puig?
In 2025 it was a 50%-owned joint venture accounted for using the equity method. The September 2026 agreement to buy the remainder still awaited approvals and closing, expected in the first quarter of 2027 according to October announcements. [1] · [2] · [3]
Does Puig own every brand mentioned?
No. The accounts distinguish owned brands from beauty licences, such as Christian Louboutin, Adolfo Domínguez and Banderas. Licensing a category does not mean acquiring the brand owner. [1] · [2]
Does 100% system coverage mean ISO 45001 certification at every site?
No. The 100% figure concerns employees covered by the system. Reported certification progress for plants and headquarters was 67% in 2025, against a 100% target for 2030. [1]
Why did total accidents rise while the frequency rate fell?
The 183 accidents include cases with and without lost time. The rate of 2.65 per million hours uses lost-time accidents and actual working hours only. These are different bases, both covering direct employees. [1] · [2]
