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Puig CEO Jose Manuel Albesa presented Vision 2032 at the company’s Capital Markets Day in Madrid on 28 October 2026. The plan targets annual net revenue above €8 billion by 2032, with growth led by four areas and supported by organic expansion and selective acquisitions. The revenue, ranking and margin targets are company ambitions, not reported outcomes.
Puig CEO Jose Manuel Albesa presented a plan on 28 October to take the Spanish beauty group above €8 billion in annual net revenue by 2032, as the company seeks to expand its premium beauty and fragrance businesses. The targets, set out at Puig’s Capital Markets Day in Madrid, also include becoming a top-four premium beauty company, a top-two fragrance player and achieving an adjusted EBITDA margin above 22.5%.
Called Vision 2032, the plan focuses on four areas: prestige fragrances, niche fragrances, dermocosmetics and make-up brand Charlotte Tilbury. Puig says it expects to deliver the ambition primarily through organic growth, by reinforcing established brands, expanding in selected categories and markets, and directing resources toward opportunities it considers strongest. The company also leaves room for selective acquisitions.
In prestige fragrances, Puig sees an opportunity to grow its position in feminine perfumes. The company says these products account for about 65% of the global prestige fragrance market, compared with roughly 45% of its own prestige fragrance business. It plans to develop Carolina Herrera across fragrance and make-up, while expanding the fragrance portfolios of Rabanne and Jean Paul Gaultier through product innovation and global marketing, according to the company’s plan.
Niche fragrances are Puig’s fastest-growing division, according to the source report. The company plans to expand Byredo and Penhaligon’s through improved productivity in existing markets and selective distribution and geographic growth, particularly in the United States and Asia. It says that expansion is intended to retain the brands’ exclusivity and profitability.
Puig also aims to make Charlotte Tilbury a broader, multi-category beauty business. The brand has more than tripled in size since Puig acquired it in 2020, the report says. Puig’s target is to increase its business by 1.5 times by 2032, using make-up growth, greater emphasis on skin care, fragrance innovation planned for 2028 and selective distribution expansion.
In dermocosmetics, Puig intends to double sales of French brand Uriage by 2032, with planned growth across categories, markets, e-commerce and channels. Separately, it has agreed to acquire full ownership of Isdin from Corporación Químico-Farmacéutica Esteve. Isdin recorded about €650 million in revenue in 2025, according to the report. The transaction remains subject to regulatory approvals and is expected to close in the first quarter of 2027. If completed, Isdin, Uriage and Apivita would form a dermocosmetics platform with more than €1 billion in pro forma net revenue.
The plan also calls for a more integrated operating model organized around global brands, markets and functions. Puig says this is meant to support growth and capture scale benefits while retaining creative autonomy. Its regional strategy focuses on EMEA, Latin America and travel retail, while pursuing opportunities in North America and Asia-Pacific.
How Puig Plans to Reach €8bn
The targets set a measurable test for Puig’s next six years: the company must grow revenue while improving profitability and preserving the identity of a portfolio spanning prestige and niche fragrances, make-up and skin care. The plan could affect how Puig allocates investment among its brands and regions, and how it balances expansion with the exclusivity it says it wants to retain in niche fragrance.
Puig’s stated reliance mainly on organic growth makes existing brands central to the goal, but Isdin would add a sizeable business if its acquisition completes. The transaction could give Puig greater scale in dermocosmetics, though the expected closing and pro forma revenue figures depend on regulatory approval and completion. The targets remain forward-looking ambitions; the announcement does not establish that they will be met.
The market rankings and profitability target also provide investors with measures to track alongside revenue. Puig is aiming for an adjusted EBITDA margin above 22.5%, but the report does not provide a year-by-year path to that level or detail the investment and cost assumptions behind it.
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The Brands Behind Vision 2032
Puig says Vision 2032 builds on a period of growth in which it outpaced the premium beauty market and gained share across fragrance, make-up and skin care. Executive Chairman Marc Puig said the company exceeded €5 billion in net revenue in 2025 and more than tripled revenue over the previous five years. Those figures are the company’s account of its recent performance, as presented in the source report.
The company’s plan brings together businesses with different growth strategies. Carolina Herrera, Rabanne and Jean Paul Gaultier anchor its stated prestige-fragrance priorities; Byredo and Penhaligon’s are central to niche fragrance. Charlotte Tilbury is the key make-up and multi-category brand, while Uriage, Isdin and Apivita are intended to build the dermocosmetics platform. The report says Puig has also grown its travel-retail position: since 2021, it moved from sixth to third among fragrance players in that channel, with market share rising from 9.6% to 13.0%.
Puig’s approach combines expansion of its current portfolio with selective deals rather than relying solely on acquisitions. The proposed Isdin purchase is one concrete example of how an acquisition could contribute to the strategy, but the company’s stated revenue ambition is primarily based on organic growth. The 2032 goal therefore depends on both continued performance from existing brands and the ability to integrate any completed acquisitions.
““Vision 2032” is our plan to scale what works, profitably.”
— Jose Manuel Albesa, Puig CEO
Targets and Deal Conditions
Puig has announced targets, not guaranteed results. The source material does not set out annual revenue milestones, a detailed timetable for the margin goal, or brand-by-brand financial contributions to the €8 billion-plus ambition. It also does not quantify the investment required to expand distribution, marketing, product development or the operating model.
The proposed Isdin acquisition is conditional. It is expected to close in the first quarter of 2027, subject to regulatory approvals, but the report does not give further details on the transaction’s terms. The more-than-€1 billion figure for the combined dermocosmetics platform is described as pro forma; it is not a reported post-acquisition result. The source material also mentions six identified “white space” opportunities but cuts off before listing them, so their details cannot be confirmed from the report provided.
Milestones Through 2032
The nearest stated milestone is the proposed Isdin transaction, which Puig expects to complete in the first quarter of 2027 if regulatory approvals are secured. Until then, the brands remain separate and the projected combined dermocosmetics revenue should be treated as conditional.
Puig’s longer-term progress will be measured against its 2032 revenue, market-ranking and adjusted EBITDA margin targets. The company has also identified 2028 for fragrance innovation at Charlotte Tilbury. Future reporting and company updates will show whether expansion in prestige and niche fragrances, dermocosmetics, make-up and new regions is translating into the growth and profitability outlined in Vision 2032.
Key Questions
What is Puig targeting by 2032?
Puig aims to exceed €8 billion in annual net revenue, rank among the top four premium beauty companies and become a top-two fragrance player. It also targets an adjusted EBITDA margin above 22.5%.
Which businesses are central to the plan?
The four stated focus areas are prestige fragrances, niche fragrances, Charlotte Tilbury and dermocosmetics. Named brands include Carolina Herrera, Rabanne, Jean Paul Gaultier, Byredo, Penhaligon’s, Uriage, Isdin and Apivita.
Is Puig’s Isdin acquisition complete?
No. Puig has agreed a deal to take full ownership of Isdin, but completion is subject to regulatory approvals. The report says the company expects the transaction to close in the first quarter of 2027.
How much growth does Puig expect from Charlotte Tilbury?
Puig aims to multiply Charlotte Tilbury’s business by 1.5 times by 2032. Its stated plans include growth in make-up, more focus on skin care, fragrance innovation in 2028 and selective distribution expansion.
How does Puig say it will fund the growth?
Puig says the plan will rely primarily on organic growth from its existing portfolio, with selective acquisitions that add brands, capabilities or exposure to attractive markets and categories. The source report does not specify a full investment budget.
Source: cosmeticsbusiness.com
