As has been published in numerous financial media, Marc Puig has spoken out after rumours of the flotation of the family business dedicated to cosmetics, perfumery and beauty. As published in the interview by La Vanguardia, the company's president, Marc Puig, has revealed that the IPO would be a solution and an alternative to avoid "possible difficulties in the future generational handover".
Marc Puig explained that in times of succession of power and management it is common that "problems in achieving leadership or a loss of passion" can appear and that opening the company's capital to external investors can become a viable factor to avoid this.
In the latest interview with La Vanguardia, Marc Puig wanted to make it clear that, although the IPO is postulated as an alternative, it is not the only one. The current president, who belongs to the third generation of the family, explained to La Vanguardia that the IPO would serve to avoid the conflicts that have already been seen in large companies controlled solely by the family: "Being subject to the scrutiny of the markets shakes companies. It is not a panacea, it does not provide the whole solution, but it is a good balance between the market, which makes you look at the short term, and the family, which helps you look at the long term".
Despite the expectation that this decision will be known within the next decade, Puig stated in the interview that this decision will be known within the next decade and stressed that, in any case, the Puig family would keep the majority of the capital.
Same family, different roles
As for the generational handover, it is something that is always on Marc Puig's mind. The head of the Catalan company with a turnover of 4,000 million euros last year, the next generation will not be part of the management team: "When you reach a certain level of complexity and when you start to multiply the number of family members, it is better to professionalise management. In principle, the next generation of the family will not form part of the management team, but they will progressively participate in the governing bodies".
Puig was transformed from a limited company into a public limited company. A step which, for those who understand economics and finance, gave a glimpse of the company's intentions to be listed on the stock exchange. Marc Puig argues in the interview that the creation of the Sociedad Anónima also made it possible to increase the number of members on the Board of Directors.
The president of the company took advantage of this interview with the Catalan media La Vanguardia to advance that the works of the second Puig tower are practically finished and that the installation of the equipment will begin soon. The new plant is expected to be inaugurated in the first quarter of 2024 and he explained that 485 people will work in this new innovation centre.
Puig's forecasts for the 2023 financial year? To exceed the 4,000 million turnover of 2022. Marc Puig is keen to point out that the vast majority of the brands are owned by Puig and only 6% are licences.