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 Advertiser
5 hours ago
- The Advertiser
Why BlueFloat's demise is just the beginning, not the end of offshore wind
The news that Spanish energy company BlueFloat bailed on its $10 billion Gippsland offshore wind proposal, has triggered a chorus of people (mostly anti-offshore wind proponents) heralding the end of the industry before it's even begun. Although I don't know about the particulars of BlueFloat's exact situation, which also impacted plans for the Illawarra, as an offshore wind consultant I do know a lot about the process of getting these projects up generally. That's why I can confidently say this actually is just the beginning. This is a new industry for Australia and whenever you do something new for the first time it's like making a pancake, the first one is never quite perfect. Energy-intensive industries like minerals mining and metals manufacturing will be the big winners from offshore wind. There is a reason these industries are co-located with coal-fired power stations historically, and why the offshore wind zones have been designated in these same regions - Gippsland, Illawarra, Hunter. With offshore wind, Australia is looking to capitalise on the growing global demand for green metals. For the Illawarra, that's steel made with renewable energy. Prime Minister Anthony Albanese's decision to host a meeting between Australian iron ore miners and Chinese steelmakers during his visit to China last week shows that our leaders are attuned to the economic potential of green metals. Why green metals? Europe, with Asia soon to follow, has introduced a "carbon border adjustment mechanism" which acts as a tax on polluting industries. What this means is the high-pollution products we currently export will become uncompetitive in the next 10 to 20 years. To replace those export losses, Australia needs to adapt and focus on producing green exports. Our customers are changing their habits, so we must change our offerings. If you owned a doughnut shop and all your customers started demanding cream-filled rather than jam-filled doughnuts you wouldn't keep pushing jam-filled doughnuts. You would switch to cream-filled, otherwise you'd go out of business. So how exactly do we get from here to there? Well there are three main hoops that developers need to jump through to make it happen: The Australian offshore wind market has some unique conditions, for example in the Illawarra it means floating wind technology is needed which is still relatively new. Therefore it's OK to have some delays - it allows Europe and Asia to make the mistakes for us to learn from, and bring industrial costs down for us. But Australia can't afford to wait too long as our polluting exports become less and less viable, we need to pivot to green exports to secure the long-lasting careers that keep communities together. Offshore wind is not just about meeting current energy needs, it will offer export stability; giving local kids the chance to build a life in the place they grew up and earn good money without leaving the region they love. That's why strong community engagement and clear support from both the federal and state government - via an offtake auction pathway - is so important. The news that Spanish energy company BlueFloat bailed on its $10 billion Gippsland offshore wind proposal, has triggered a chorus of people (mostly anti-offshore wind proponents) heralding the end of the industry before it's even begun. Although I don't know about the particulars of BlueFloat's exact situation, which also impacted plans for the Illawarra, as an offshore wind consultant I do know a lot about the process of getting these projects up generally. That's why I can confidently say this actually is just the beginning. This is a new industry for Australia and whenever you do something new for the first time it's like making a pancake, the first one is never quite perfect. Energy-intensive industries like minerals mining and metals manufacturing will be the big winners from offshore wind. There is a reason these industries are co-located with coal-fired power stations historically, and why the offshore wind zones have been designated in these same regions - Gippsland, Illawarra, Hunter. With offshore wind, Australia is looking to capitalise on the growing global demand for green metals. For the Illawarra, that's steel made with renewable energy. Prime Minister Anthony Albanese's decision to host a meeting between Australian iron ore miners and Chinese steelmakers during his visit to China last week shows that our leaders are attuned to the economic potential of green metals. Why green metals? Europe, with Asia soon to follow, has introduced a "carbon border adjustment mechanism" which acts as a tax on polluting industries. What this means is the high-pollution products we currently export will become uncompetitive in the next 10 to 20 years. To replace those export losses, Australia needs to adapt and focus on producing green exports. Our customers are changing their habits, so we must change our offerings. If you owned a doughnut shop and all your customers started demanding cream-filled rather than jam-filled doughnuts you wouldn't keep pushing jam-filled doughnuts. You would switch to cream-filled, otherwise you'd go out of business. So how exactly do we get from here to there? Well there are three main hoops that developers need to jump through to make it happen: The Australian offshore wind market has some unique conditions, for example in the Illawarra it means floating wind technology is needed which is still relatively new. Therefore it's OK to have some delays - it allows Europe and Asia to make the mistakes for us to learn from, and bring industrial costs down for us. But Australia can't afford to wait too long as our polluting exports become less and less viable, we need to pivot to green exports to secure the long-lasting careers that keep communities together. Offshore wind is not just about meeting current energy needs, it will offer export stability; giving local kids the chance to build a life in the place they grew up and earn good money without leaving the region they love. That's why strong community engagement and clear support from both the federal and state government - via an offtake auction pathway - is so important. The news that Spanish energy company BlueFloat bailed on its $10 billion Gippsland offshore wind proposal, has triggered a chorus of people (mostly anti-offshore wind proponents) heralding the end of the industry before it's even begun. Although I don't know about the particulars of BlueFloat's exact situation, which also impacted plans for the Illawarra, as an offshore wind consultant I do know a lot about the process of getting these projects up generally. That's why I can confidently say this actually is just the beginning. This is a new industry for Australia and whenever you do something new for the first time it's like making a pancake, the first one is never quite perfect. Energy-intensive industries like minerals mining and metals manufacturing will be the big winners from offshore wind. There is a reason these industries are co-located with coal-fired power stations historically, and why the offshore wind zones have been designated in these same regions - Gippsland, Illawarra, Hunter. With offshore wind, Australia is looking to capitalise on the growing global demand for green metals. For the Illawarra, that's steel made with renewable energy. Prime Minister Anthony Albanese's decision to host a meeting between Australian iron ore miners and Chinese steelmakers during his visit to China last week shows that our leaders are attuned to the economic potential of green metals. Why green metals? Europe, with Asia soon to follow, has introduced a "carbon border adjustment mechanism" which acts as a tax on polluting industries. What this means is the high-pollution products we currently export will become uncompetitive in the next 10 to 20 years. To replace those export losses, Australia needs to adapt and focus on producing green exports. Our customers are changing their habits, so we must change our offerings. If you owned a doughnut shop and all your customers started demanding cream-filled rather than jam-filled doughnuts you wouldn't keep pushing jam-filled doughnuts. You would switch to cream-filled, otherwise you'd go out of business. So how exactly do we get from here to there? Well there are three main hoops that developers need to jump through to make it happen: The Australian offshore wind market has some unique conditions, for example in the Illawarra it means floating wind technology is needed which is still relatively new. Therefore it's OK to have some delays - it allows Europe and Asia to make the mistakes for us to learn from, and bring industrial costs down for us. But Australia can't afford to wait too long as our polluting exports become less and less viable, we need to pivot to green exports to secure the long-lasting careers that keep communities together. Offshore wind is not just about meeting current energy needs, it will offer export stability; giving local kids the chance to build a life in the place they grew up and earn good money without leaving the region they love. That's why strong community engagement and clear support from both the federal and state government - via an offtake auction pathway - is so important. The news that Spanish energy company BlueFloat bailed on its $10 billion Gippsland offshore wind proposal, has triggered a chorus of people (mostly anti-offshore wind proponents) heralding the end of the industry before it's even begun. Although I don't know about the particulars of BlueFloat's exact situation, which also impacted plans for the Illawarra, as an offshore wind consultant I do know a lot about the process of getting these projects up generally. That's why I can confidently say this actually is just the beginning. This is a new industry for Australia and whenever you do something new for the first time it's like making a pancake, the first one is never quite perfect. Energy-intensive industries like minerals mining and metals manufacturing will be the big winners from offshore wind. There is a reason these industries are co-located with coal-fired power stations historically, and why the offshore wind zones have been designated in these same regions - Gippsland, Illawarra, Hunter. With offshore wind, Australia is looking to capitalise on the growing global demand for green metals. For the Illawarra, that's steel made with renewable energy. Prime Minister Anthony Albanese's decision to host a meeting between Australian iron ore miners and Chinese steelmakers during his visit to China last week shows that our leaders are attuned to the economic potential of green metals. Why green metals? Europe, with Asia soon to follow, has introduced a "carbon border adjustment mechanism" which acts as a tax on polluting industries. What this means is the high-pollution products we currently export will become uncompetitive in the next 10 to 20 years. To replace those export losses, Australia needs to adapt and focus on producing green exports. Our customers are changing their habits, so we must change our offerings. If you owned a doughnut shop and all your customers started demanding cream-filled rather than jam-filled doughnuts you wouldn't keep pushing jam-filled doughnuts. You would switch to cream-filled, otherwise you'd go out of business. So how exactly do we get from here to there? Well there are three main hoops that developers need to jump through to make it happen: The Australian offshore wind market has some unique conditions, for example in the Illawarra it means floating wind technology is needed which is still relatively new. Therefore it's OK to have some delays - it allows Europe and Asia to make the mistakes for us to learn from, and bring industrial costs down for us. But Australia can't afford to wait too long as our polluting exports become less and less viable, we need to pivot to green exports to secure the long-lasting careers that keep communities together. Offshore wind is not just about meeting current energy needs, it will offer export stability; giving local kids the chance to build a life in the place they grew up and earn good money without leaving the region they love. That's why strong community engagement and clear support from both the federal and state government - via an offtake auction pathway - is so important.


Courier-Mail
8 hours ago
- Courier-Mail
‘Tense' auction at Qld riverfront mansion
A 'tense' auction played out at a luxury riverfront property in southeast Queensland, with the estate selling under the hammer for a huge $10.6m. A huge crowd and seven registered bidders turned out at the Gold Coast mansion that went to auction via Kollosche's Michael Kollosche and Gypsea Youngsmith. 'It was a full house and it was very tense,' Mr Youngsmith said. 'The person who bought it made themselves very known on the auction floor, which helped scare off the competition.' Bidding opened at $6m, before quickly jumping in $2m increments to $10m. Three more bids and a local buyer secured the keys to the property at 315 Monaco St, Broadbeach Waters. MORE NEWS: World bikini champion selling luxury Aus home Revealed: Aus trend helping buyers beat record house prices Spanning two storeys, the residence known as Casa Tramonto Dorato features classic design elements including elegant archways, coffered ceilings, bespoke cabinetry, and timber flooring, all while embracing its waterfront position with a series of balconies and entertaining spaces overlooking the river. The house is on a large 1770sq m block directly opposite Albert Park in popular Monaco St. 'The buyers were attracted to the privacy but also the location as it's very convenient in the centre of Broadbeach Waters,' Ms Youngsmith said. 'Monaco St has the largest land parcels in Broadbeach Waters. 'There are just under 40 homes opposite the dog park along the riverfront and it provides a really beautiful lifestyle for homeowners.' The home's stately design is a far cry from what it looked like when sellers Brent and Jo Churchill purchased the property back in 2009. 'The original home was an old Spanish hacienda on a large block with lots of trees,' Mrs Churchill said. 'And it was the worst house on a great street.' The Churchills lived in the previous residence for seven years before calling in architect Jared Poole to build a dream home worthy of its prestigious location in 2016. 'We wanted a traditional large family home that kept a little of the Spanish influence so we retained the curves in a nod to the previous house, and we wanted to keep as many of the existing trees as possible,' Mrs Churchill said. In prime position overlooking the river and swimming pool is the property's centrepiece – a covered alfresco area complete with a pizza oven, outdoor kitchen, fans, blinds and heaters. 'The outdoor entertaining area is like having another room outside,' Mr Churchill said. 'We'll even sit out there when it's raining with the blinds rolled down and the heaters on.' Accented by two date palms that the Churchills brought into the property by boat, the yard offers a private oasis that's ideal for relaxation and entertaining. 'We spend the whole time outside in the al fresco area, on the deck or sitting under the trees just watching the sunset,' Mrs Churchill said. The most expensive property sold in Broadbeach Waters is 87-89 Monaco St, which traded for$16.5m earlier this year.

ABC News
12 hours ago
- ABC News
Top UK court quashes ex-bankers' Libor rate rigging convictions
The UK Supreme Court has overturned the conviction of two former financial traders jailed for manipulating the Libor interest rate benchmark. In a written judgment, the UK's highest court said that due to errors in the way the jury had been directed the convictions of Tom Hayes and Carlo Palombo were "unsafe and cannot stand". Manipulation of the London Inter-Bank Offered Rate (Libor) and its European equivalent Euribor occurred in the run-up to and following the 2008 global financial crisis. The international scandal it created led to prison sentences and massive fines for major banks. The Libor was long a benchmark inter-bank rate in the financial world, impacting an enormous range of financial products in Britain and beyond, before being abolished at the end of last year following numerous scandals. The Serious Fraud Office, which brought the original case against Mr Hayes and Mr Palombo, said it would not seek a retrial. Mr Hayes, a former Citigroup and UBS trader, had been found guilty of multiple counts of conspiracy to defraud Libor between 2006 and 2010. He spent five-and-a-half years in prison before his release in January 2021. Mr Palombo, a former trader at Barclays bank, was sentenced to four years in prison for rigging Euribor. Their cases were taken to the UK's top court after the Court of Appeal dismissed their appeals last year. The Supreme Court noted that there was "ample evidence" against Hayes which could have led a jury to find him guilty "if properly directed". However in both cases there were "errors and ambiguities" in the way the jury was directed, which led the top court to conclude the trials were unfair. Libor, once a key benchmark for global finance, underpinned around $US400 trillion ($606.8 trillion) in contracts, from mortgages to student loans. Managed by the former British Bankers' Association, it was based on daily estimates from a panel of banks on how much they expected to pay to borrow from each other. The rate was phased out in 2023. The Libor scandal led to more than $US9 billion in fines for banks and brokers worldwide, including the convictions of 19 traders in Britain and the United States. Mr Hayes challenged his conviction following a landmark US court decision in 2022 that overturned the Libor rigging convictions. Caroline Greenwell, a partner at law firm Charles Russell Speechlys, said the judgment would now bring Britain in line with the United States. "This result not only clears Mr Hayes' and Mr Palombo's names, but could also lead to convictions secured in nine other criminal trials prosecuted by the Serious Fraud Office... being reviewed," she said. The SFO brought charges against 20 individuals between 2013 and 2019, securing convictions against nine — seven at trial and two through guilty pleas — while 11 were acquitted. AFP/Reuters