One of Europe's richest families searches for answers as they lose billions
Shares of Puig, owner of brands like Jean Paul Gaultier and makeup label Charlotte Tilbury, had tumbled more than 34 per cent since its splashy listing as Europe's biggest IPO in 2024. They rose as much as 2 per cent in Madrid on Monday.
'Over time we'll consider whether or not it makes sense to make any moves to help investors who have invested in the stock achieve the value they believe it deserves,' Marc Puig said in an interview, referring to a possible family led stock purchase or ways to increase the liquidity of its shares. 'No moves are planned in the short term.'
The Puigs are among Europe's wealthiest families. They own Exea Empresarial, which controls 74 per cent of Puig's capital and 93 per cent of its voting rights. The family's fortune has shrunk about 19 per cent from just before the shares began trading to $US9.7 billion ($14.9 billion), according to the Bloomberg Billionaires Index. The decline stemmed largely from the drop in the company's stock.
Puig shares have tumbled like those of others in the industry including L'Oreal and LVMH as they suffer from uncertainty over the effects of US President Donald Trump's tariff wars and concerns about sluggish consumer demand. For Puig, the decline has come even though it has consistently met targets.
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'I don't feel like we've let anyone down,' Puig said. 'We've delivered, we continue to grow.'
Most analysts have a 'buy' recommendation on the stock. 'So far everything they've promised has happened,' said Xavier Brun, Head of Equity at Trea Asset Management, which holds Puig shares.
On Wednesday, the company reiterated its forecast of 6 per cent to 8 per cent organic sales growth for the year, even after factoring in a 20 per cent US tariff on Europe-made products. Trump has threatened 30 per cent tariffs on products from the European Union. Puig said it expected little impact from the trade war in 2025 since most of the products are already in the US.
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The Interministerial Committee for Economic Planning and Sustainable Development (CIPESS) is due to meet later on Wednesday. The Strait of Messina Bridge Project was awarded to the Eurolink consortium following an international tender. Italy's largest construction company Webuild leads the consortium, which also has Spanish group Sacyr and Japanese group IHI as its members. According to the Messina Strait Company overseeing the project, the government committee approval would allow the start of preliminary works, including archaeological and geological surveys. Land expropriations will also be authorised. Last week, Infrastructure Minister Matteo Salvini told reporters that validation by the national audit court would be required before the CIPESS resolution could take effect. A source close to the matter said this could take a few weeks. The bridge has drawn fierce criticism from those who question the wisdom of building it in an earthquake zone and those who say it would be a waste of money, amid fears the Cosa Nostra and 'Ndrangheta criminal gangs based in the area could infiltrate the works to reap huge profits. Some citizens' groups are campaigning against the bridge, calling it unnecessary, and environmental associations this week filed a complaint with the European Union, flagging serious environmental damage risks. Yet, the bridge also has strong support from those who believe a fast rail and road connection as an alternative to the current ferry crossing would provide a much-needed boost to Sicily and the rest of Italy's poorer southern regions. Webuild has estimated the construction could create more than 100,000 jobs. According to the Messina Strait Company, the bridge will be completed in 2032.
