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Puig CEO José Manuel Albesa presented Vision 2032, a plan to exceed €8 billion in annual net revenue by 2032, primarily through organic growth across fragrances, Charlotte Tilbury and dermocosmetics. The company also targets adjusted EBITDA margins above 22.5% and says its agreed Isdin acquisition, subject to regulatory approval, is expected to add a major dermocosmetics business.
Puig has set a target of exceeding €8 billion in annual net revenue by 2032, as CEO José Manuel Albesa unveiled the company’s Vision 2032 plan at its Capital Markets Day in Madrid on October 28. The Spanish beauty group says it expects to pursue the goal primarily through organic growth, while also aiming to rank among the top four premium beauty companies and the top two fragrance players, with an adjusted EBITDA margin above 22.5%.
The strategy concentrates investment on four areas: prestige fragrances, niche fragrances, Charlotte Tilbury and dermocosmetics. Puig says its approach is to build existing brands, expand in selected markets and channels, and grow profitably. CEO Albesa described the plan as scaling what works, with resources directed toward categories and markets where the company sees the clearest opportunity.
Within prestige fragrances, Puig sees an opportunity to develop feminine perfumes, which it says account for about 65% of the global prestige fragrance market but roughly 45% of its own prestige fragrance business. The company plans to develop Carolina Herrera as a two-axis beauty brand spanning fragrance and make-up. Rabanne and Jean Paul Gaultier are expected to expand their fragrance ranges through product innovation and global marketing, according to Puig.
Puig calls niche fragrances its fastest-growing division and plans to expand Byredo and Penhaligon’s selectively, including in the United States and Asia, while retaining their exclusive positioning. It also intends to grow Charlotte Tilbury across make-up, skin care and fragrance. The brand has more than tripled in size since Puig acquired it in 2020; Puig’s target is to increase its business by 1.5 times by 2032, with fragrance innovation planned for 2028.
In dermocosmetics, Puig aims to double sales at Uriage by 2032 and expand through categories, geography, e-commerce and distribution. The company has agreed to acquire full ownership of Isdin from Corporación Químico-Farmacéutica Esteve. Isdin reported approximately €650 million in revenue in 2025. The transaction remains subject to regulatory approval and is expected to close in the first quarter of 2027. Puig says Isdin, Uriage and Apivita would together form a dermocosmetics platform with more than €1 billion in pro forma net revenue after completion.
Growth Targets Span Four Beauty Businesses
The plan sets out how Puig intends to convert its existing portfolio and a pending acquisition into sustained growth over six years. Its stated ambition is not limited to a revenue figure: the company also wants to improve profitability, increase cash generation and gain standing in premium beauty and fragrance. Those goals make execution across multiple brands and product categories central to the strategy.
The mix matters because the growth levers differ. Puig is seeking to close a gap in feminine prestige fragrances, extend niche brands into selected markets, broaden Charlotte Tilbury beyond make-up and build a larger dermocosmetics business. Isdin could materially increase the scale of that last platform if the transaction closes, but the deal is not complete. The targets remain company ambitions, not guaranteed outcomes.
Puig also says it plans a more integrated operating model organized around global brands, markets and functions, while retaining creative autonomy. The company’s stated regional priorities include reinforcing EMEA, Latin America and travel retail and pursuing opportunities in North America and Asia-Pacific. Its ability to coordinate global scale with distinct brand identities will be relevant to whether its growth targets can be met.
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Puig Builds on Recent Expansion
Puig says it enters the plan after growing faster than the premium beauty market and gaining share across fragrances, make-up and skin care over the past five years. Executive Chairman Marc Puig said the company surpassed €5 billion in net revenue in 2025 and more than tripled revenue over that five-year period. These figures are the company’s account of its recent performance and form the baseline it cited for Vision 2032.
The group has expanded through both brand development and acquisitions. Charlotte Tilbury joined Puig in 2020 and has since more than tripled in size, according to the company. For dermocosmetics, a full acquisition of Isdin would add to Uriage and Apivita. Puig describes future acquisitions as selective, aimed at adding distinctive brands, capabilities or exposure to attractive categories and markets; its stated primary growth driver remains organic expansion.
Puig also cited progress in travel retail, saying it rose from the sixth-largest to the third-largest fragrance player in that channel since 2021. Its reported share increased from 9.6% to 13.0% over that period. The company plans to build on its existing regional strengths while seeking further growth in North America and Asia-Pacific.
“Puig enters this next chapter from a position of strength.”
— Marc Puig, Puig executive chairman
Targets Depend on Execution and Approvals
Puig has not provided, in the cited plan details, a year-by-year revenue path showing how it expects to move from its 2025 net revenue of more than €5 billion to above €8 billion by 2032. The announcement also does not specify how much of the target is expected from each brand or category, or give a detailed timetable for the full set of strategic initiatives.
The Isdin acquisition is agreed but not completed. Regulatory approvals are outstanding, and Puig’s expectation that the transaction will close in Q1 2027 remains conditional. The projected dermocosmetics platform revenue of more than €1 billion is pro forma, meaning it describes the businesses combined rather than a current operating total. It is also not yet clear how market conditions, consumer demand or competition may affect the company’s growth and margin ambitions.
Isdin Approval and Brand Expansion
The next major milestone identified in the announcement is completion of the Isdin transaction, which Puig expects in the first quarter of 2027 subject to regulatory approvals. Until then, the company’s planned dermocosmetics platform remains contingent on the deal closing. Puig’s execution of its stated Uriage growth plan and the integration of Isdin, if completed, will be among the developments to watch.
Over the coming years, Puig is expected to pursue its portfolio priorities through brand expansion, product development and selected geographic and channel growth. The company has specifically cited Charlotte Tilbury fragrance innovation in 2028 and a 2032 target for its revenue, market positions and adjusted EBITDA margin. The announcement does not set out interim targets for those ambitions.
Key Questions
What is Puig’s main target for 2032?
Puig aims to exceed €8 billion in annual net revenue by 2032. It also targets a top-four position in premium beauty, a top-two position in fragrance and an adjusted EBITDA margin above 22.5%.
How does Puig plan to grow?
The company says growth will come primarily from its existing portfolio, focusing on prestige and niche fragrances, Charlotte Tilbury and dermocosmetics. It also allows for selective acquisitions that add brands, capabilities or exposure to markets and categories.
Has Puig completed its Isdin acquisition?
No. Puig has agreed to take full ownership of Isdin, but the deal is subject to regulatory approvals. The company expects completion in Q1 2027.
What does Puig expect Isdin to add?
Isdin reported approximately €650 million in revenue in 2025. If the deal closes, Puig says Isdin, Uriage and Apivita would form a dermocosmetics platform with more than €1 billion in pro forma net revenue.
What is Puig targeting for Charlotte Tilbury?
Puig aims to increase Charlotte Tilbury’s business by 1.5 times by 2032, with growth across make-up, skin care and fragrance. The company has identified fragrance innovation in 2028 as part of that plan.
Source: cosmeticsbusiness.com
