Key Takeaways:

• Puig must replace the merger premium with proof it can create greater value independently.
• Slower fragrance growth raises the stakes for dermocosmetics and underdeveloped markets.
• Preserving brand independence while integrating operations will test Puig’s management model.

What merger talks? Puig used its first Capital Markets Day in Madrid on October 28 to unveil “Vision 2032,” a plan to lift net revenue above €8 billion ($8.9 billion) by 2032, up roughly 60% from €5.04 billion ($5.6 billion) in 2025. Neither the press release nor the presentation discusses the failed merger talks with Estée Lauder. By Puig’s own account, the company has never been in better shape. “Today, we are stronger than at any point in our over 110-year history,” said Executive Chairman Marc Puig.

The plan was overdue. Puig shares climbed when the Lauder talks became public in March, then closed down 13.4% on May 22, following the announcement the previous evening that negotiations had ended. By the end of May, shares were 34% below their €24.50 ($27.37) listing price. With a deal off the table, investors were still waiting for Puig to present its next long-term strategy. Its previous five-year plan concluded in 2025, and the Capital Markets Day meant to replace it had been postponed while the company negotiated with Lauder.

CEO José Manuel Albesa, seven months into the role, paired the revenue goal with a target of adjusted EBITDA margins above 22.5%, up from 20.7% in 2025. The more telling ambitions are competitive: Puig wants to become a top four premium beauty company and to be top two in fragrance.

Do the Math

Puig says it will reach €8 billion ($8.9 billion)...