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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, alongside a top-four position in premium beauty and an adjusted EBITDA margin above 22.5%, with growth expected mainly from existing brands and categories.
Spanish beauty group Puig has set a target of exceeding €8 billion in annual net revenue by 2032, as CEO Jose Manuel Albesa presented the company’s Vision 2032 strategy at its Capital Markets Day in Madrid on 28 October 2026. The plan also aims to make Puig a top-four premium beauty company and a top-two fragrance player, while lifting its adjusted EBITDA margin above 22.5%.
Puig said it expects to pursue the revenue goal primarily through organic growth, concentrating investment on four areas: prestige fragrances, niche fragrances, dermocosmetics and Charlotte Tilbury. The company said the plan is intended to build on growth across fragrances, make-up and skin care, while expanding margins and cash generation. Those outcomes are targets, not reported results.
In prestige fragrances, Puig plans to address what it describes as an imbalance in its portfolio: feminine perfumes account for about 65% of the global prestige fragrance market, but roughly 45% of Puig’s prestige fragrance business. The company intends to develop Carolina Herrera across fragrance and make-up, while expanding the fragrance portfolios of Rabanne and Jean Paul Gaultier. Its niche fragrance strategy focuses on Byredo and Penhaligon’s, including selective expansion in the United States and Asia while maintaining exclusivity and profitability.
Puig also wants to grow Charlotte Tilbury as a multi-category business. It plans to increase the brand’s business by 1.5 times by 2032, through make-up, skin care, fragrance innovation planned for 2028 and selective distribution expansion. In dermocosmetics, it aims to double Uriage sales by 2032 and says its agreed purchase of Isdin from Corporación Químico-Farmacéutica Esteve would add a major brand to that portfolio. Isdin recorded approximately €650 million in revenue in 2025, according to the source report.
Growth Depends on Four Brand Engines
The plan sets out how Puig intends to move from more than €5 billion in net revenue in 2025 to more than €8 billion by 2032. That would require sustained growth across several established brands and categories, as well as successful execution of the Isdin transaction. The company has framed its ambition as both a scale target and a profitability goal: it wants to expand revenue while achieving an adjusted EBITDA margin above 22.5%.
For investors and the beauty industry, the strategy offers a measurable set of objectives against which Puig’s performance can be judged over the coming years. Its proposed focus on selective expansion, rather than growth in every market and channel, also signals that the company intends to balance brand reach with profitability. Whether that approach can deliver the stated scale and margin remains unproven.
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Puig’s Portfolio Sets the Starting Point
Puig describes Vision 2032 as a continuation of its recent expansion. Executive chairman Marc Puig said the company generated more than €5 billion in net revenue in 2025 and had more than tripled revenue over the preceding five years. The company also says it has gained share across fragrances, make-up and skin care during that period; those are company-reported claims in the source material.
Charlotte Tilbury joined Puig in 2020 and, according to the report, has since grown to more than three times its size at acquisition. Puig’s plan places the brand alongside fragrances and skin care as a central growth driver. In dermocosmetics, the proposed Isdin acquisition would complement Uriage and Apivita. Puig says that, once the transaction is completed, the three brands would form a platform with more than €1 billion in pro forma net revenue.
The strategy also calls for a more integrated operating model and region-specific priorities. Puig said it intends to reinforce its established positions in Europe, the Middle East and Africa, Latin America and travel retail, while pursuing opportunities in North America and Asia-Pacific. In travel retail, the company reported moving from the sixth-largest to the third-largest fragrance player since 2021, with market share rising from 9.6% to 13.0%.
““Vision 2032” is our plan to scale what works, profitably.”
— Jose Manuel Albesa, Puig CEO
Targets and Deal Timing Remain Open
Puig’s revenue, ranking and margin figures are 2032 ambitions; the company has not yet demonstrated that it will meet them. The source material does not provide annual milestones, detailed investment requirements or a breakdown of how much of the revenue increase is expected from each brand or category.
The Isdin transaction has been agreed but is not complete. Completion is expected in the first quarter of 2027, subject to regulatory approvals. Until it closes, Isdin’s addition to Puig’s portfolio and the projected combined dermocosmetics revenue remain conditional. The source report does not give further details on the transaction’s financial terms or the specific regulatory process.
Execution Begins With Brand Expansion
Puig’s next steps include carrying out its planned brand and market initiatives, including fragrance and skin-care development at Charlotte Tilbury, expansion of Byredo and Penhaligon’s in selected markets, and growth in Uriage. A planned Charlotte Tilbury fragrance innovation is set for 2028, according to the company’s strategy.
The nearest major corporate milestone is the expected Isdin transaction completion in Q1 2027, if regulatory approvals are secured. Investors and the market will then be able to assess progress through Puig’s financial results and any updates to the company’s targets. The source material does not specify interim revenue milestones for Vision 2032.
Key Questions
What revenue target has Puig announced?
Puig aims to exceed €8 billion in annual net revenue by 2032. This is a company target, not a forecasted or achieved result.
Which areas are central to Vision 2032?
The plan focuses on prestige fragrances, niche fragrances, dermocosmetics and Charlotte Tilbury. Puig says it expects to rely mainly on organic growth in those areas.
What is Puig’s target for profitability and market position?
By 2032, Puig aims to become a top-four premium beauty company and a top-two fragrance player, with an adjusted EBITDA margin above 22.5%.
Has Puig completed its Isdin acquisition?
No. Puig has agreed a deal to acquire full ownership of Isdin, but completion is expected in Q1 2027 and remains subject to regulatory approvals.
Source: cosmeticsbusiness.com
