The Spanish beauty owner has set up a categorised system for its brands and forecasts sales of €3bn for 2023
Puig secured a majority stake in Charlotte Tilbury's eponymous beauty brand in June this year
Spanish beauty owner Puig is planning an ‘ambitious’ reshuffle of its business structure for 2021.
From the new year, Puig will operate its business across three divisions: Beauty and Fashion, Charlotte Tilbury and Derma.
The Beauty and Fashion division will be made up of beauty brands Paco Rabanne, Carolina Herrera, Jean Paul Gaultier and Nina Ricci; as well as the licences for Christian Louboutin and Comme des Garçon Parfums.
Charlotte Tilbury’s division will be dedicated entirely to the brand’s development, while the newly created Derma group will incorporate Uriage and Apivita, in which Puig has a majority stake, in addition to the 50% hold of Isdin.
Armed with its new structure, the group said it wants to generate €3bn in sales in 2023 as the effects of the pandemic recede.
By 2025 Puig has been forecast to generate sales of more than €4bn.
Puig said it expects Paco Rabanne and Carolina Herrera to generate almost €1bn each by 2025, bolstering its chances of meeting expectations.
In what has been a tumultuous year for many, Puig has not been held back by the pandemic in its efforts to drive up market value.
Despite slumped sales due to the outbreak, the Spanish giant saw off competition from the likes of Coty, Estée Lauder and L’Oréal to win a majority stake in Charlotte Tilbury’s beauty company.
Meanwhile, the group revamped its fragrance brands’ digital capabilities with a new AI tool.
Dubbed AILICE, the platform can be used in store and online, which has landed at Penhaligon’s, to help customers discover scents through technology.