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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, an adjusted EBITDA margin above 22.5%, and top-four status in premium beauty by 2032; these are company ambitions, not achieved results.
Puig CEO Jose Manuel Albesa has set out a plan for the Spanish beauty group to exceed €8 billion in annual net revenue by 2032, aiming to rank among the world’s top four premium beauty companies and top two fragrance players. Called Vision 2032, the plan was presented at the company’s Capital Markets Day in Madrid on 28 October 2026 and also targets an adjusted EBITDA margin above 22.5%.
Puig says it expects to pursue the revenue target primarily through organic growth, by building on its existing brands and focusing investment on categories, markets and channels where it sees the strongest opportunities. Its four stated priorities are prestige fragrances, niche fragrances, Charlotte Tilbury and dermocosmetics. Selective acquisitions may complement that growth, according to Executive Chairman Marc Puig.
In prestige fragrances, the company plans to develop Carolina Herrera across both perfume and make-up, while continuing to expand the fragrance portfolios of Rabanne and Jean Paul Gaultier. Puig says feminine perfumes account for about 65% of the global prestige fragrance market, compared with roughly 45% of its own prestige fragrance business. Those percentages describe the company’s rationale for emphasizing the segment; they do not by themselves establish a forecast of future sales.
Puig also plans to expand niche brands Byredo and Penhaligon’s through improved productivity in existing markets and selective geographic and distribution growth, particularly in the United States and Asia. It wants Charlotte Tilbury’s business to grow to 1.5 times its current size by 2032, with expansion across make-up, skin care and fragrance. The company said fragrance innovation is planned for 2028, alongside selective distribution expansion.
Dermocosmetics is another central part of the plan. Puig aims to double sales at French brand Uriage by 2032 and has agreed to acquire full ownership of Isdin from Corporación Químico-Farmacéutica Esteve. Isdin recorded approximately €650 million in revenue in 2025, according to the source report. The transaction is expected to complete in the first quarter of 2027, subject to regulatory approvals. Puig says Isdin, Uriage and Apivita would then form a dermocosmetics platform with more than €1 billion in pro forma net revenue.
Four Brands and Categories Drive the Target
The plan puts a specific financial and competitive ambition against Puig’s next phase of growth: more than €8 billion in annual revenue, a margin above 22.5%, and higher rankings in premium beauty and fragrance by 2032. For investors, these targets provide a framework for judging whether the company can keep growing while improving profitability. They remain forward-looking goals, not guarantees.
The proposed Isdin acquisition would add a sizeable business to Puig’s skin-care portfolio if it closes, while the Charlotte Tilbury and fragrance plans depend on continued brand development and demand across multiple markets. Puig’s emphasis on organic growth also makes execution across its current portfolio central to the strategy. The announcement does not provide a detailed year-by-year path to the revenue target in the supplied report.
Puig says it will support the strategy with a more integrated operating model organized around global brands, markets and functions. The company describes this as a way to capture scale and support profitable growth while retaining creative autonomy. Its regional approach is to reinforce EMEA, Latin America and travel retail while pursuing opportunities in North America and Asia-Pacific.
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Growth Follows Five Years of Expansion
Puig says it enters the plan after a period of strong growth: the company reported more than €5 billion in net revenue in 2025 and said its revenue had more than tripled over the preceding five years. It also described itself as having grown faster than the premium beauty market and gained share across fragrances, make-up and skin care. These are company-reported assessments cited in the source report.
Charlotte Tilbury, acquired by Puig in 2020, has more than tripled in size since the acquisition, according to the company. For travel retail, Puig reported that it moved from the sixth-largest to the third-largest fragrance player since 2021, with market share rising from 9.6% to 13.0%. These historical figures provide the company’s stated basis for pursuing a larger role in the sector; they do not establish that its 2032 targets will be met.
“‘Vision 2032’ is our plan to scale what works, profitably.”
— Jose Manuel Albesa, Puig CEO
Targets Depend on Execution and Approvals
The 2032 revenue, margin and ranking goals are company targets; the source material does not provide independent projections or a year-by-year financial plan showing how Puig expects to reach them. It also does not specify the full investment requirements, expected contributions from each business, or the assumptions behind the adjusted EBITDA margin target.
The Isdin transaction remains subject to regulatory approval and has not yet completed. Its expected first-quarter 2027 closing and the projected combined dermocosmetics revenue are contingent on completion. Puig’s plans for brand expansion also depend on market conditions, distribution and customer demand. The supplied report does not detail the six “white spaces” mentioned in its source text, so their role in the strategy cannot be assessed from the available information.
Isdin Deal and 2028 Fragrance Plans
The nearest stated milestone is the proposed Isdin acquisition, which Puig expects to complete in the first quarter of 2027, subject to regulatory approvals. If it closes, the company says Isdin will join Uriage and Apivita in a dermocosmetics platform with more than €1 billion in pro forma net revenue.
Puig has also identified fragrance innovation for Charlotte Tilbury in 2028, while its broader Vision 2032 ambitions will be measured over the coming six years. Further detail on financial progress, brand growth and the transaction is expected through company updates, although the source report does not give dates for additional disclosures.
Key Questions
What is Puig’s revenue target for 2032?
Puig aims to exceed €8 billion in annual net revenue by 2032. This is a company target, not a confirmed future result.
How does Puig plan to grow?
The company says growth will come primarily from its existing portfolio, with priorities in prestige fragrances, niche fragrances, Charlotte Tilbury and dermocosmetics. It may also make selective acquisitions.
What is the status of the Isdin acquisition?
Puig has agreed to acquire full ownership of Isdin. Completion is expected in the first quarter of 2027, subject to regulatory approvals; the deal has not yet closed.
What other financial goal did Puig announce?
Alongside its revenue ambition, Puig targets an adjusted EBITDA margin above 22.5% by 2032.
Source: cosmeticsbusiness.com
