Puig (company)

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Puig
Industry Fashion and fragrance
Founded 1914
Founder(s) Antonio Puig
Headquarters Barcelona, Spain
Area served Worldwide
Key people Marc Puig (CEO)
Products Carolina Herrera, Nina Ricci, Paco Rabanne, Comme des Garçons, Jean Paul Gaultier, Prada, Valentino, Adolfo Dominguez, Agatha Ruiz de la Prada, Mango, Massimo Dutti, Victorio & Lucchino, Antonio Banderas, Shakira[1]
Revenue €1.48 billion (2012)
Profit €173 million (2012)
Employees 4,136
Website puig.com

Puig is an international company operating in fashion and fragrance sectors. The company was founded in 1914 by Antonio Puig Castelló in Barcelona, Spain. Today the company is still managed by the Puig family.

Puig markets its products in 130 countries and is directly present in 21 of them, employing 4136 people worldwide. Its turnover in 2012 reached 1488 million euros in net revenues and 173 million euros in net income.[2][3][4]

Both in the fashion and fragrances sector, Puig operates under the Carolina Herrera, Nina Ricci, and Paco Rabanne brands. In the fashion industry, it is also the majority shareholder of Jean Paul Gaultier.[5] In perfumes it also operates under the license of the brands Comme des Garçons, Prada, and Valentino, amongst others.[1]

History

Establishment and early years

Puig headquarters at Travessera de Gràcia street in Barcelona.

The company's origins date back to 1914 when Antonio Puig Castelló, driven by his passion for art, founded the company. Initially the company took the name of its founder, being called Antonio Puig SA. From the beginning, the company oriented its business towards the cosmetic and fragrance sectors.[6]

In 1922 the company marketed Milady, the first lipstick made in Spain.[7]

In the 1940s the company started marketing the fragrance Agua Lavanda Puig,[8] which became one of the flagship products of the company.[9] During those same years, the founder Antonio Puig decided to move the factory and offices to a building located in Travessera de Gràcia street, in the Gràcia district in Barcelona, where the headquarters of the company still remain today.[10]

In the following years, the four sons of the founder joined the company. Although the transition took place gradually, Antonio Puig eventually delegated its decision-making to his sons: Antonio and Mariano would focus on the perfume area, Jose Maria on the diversification department, and Enrique on the institutional relationships.[7]

International expansion

The international expansion of the company began in 1959 with the building of a new factory in the industrial estate Besòs, in Barcelona, and also with the creation of the first branch office outside Spain, in United States. The U.S. branch office was boosted by a letter written by a Spanish student in the University of Iowa, who lamented the impossibility of buying Agua Lavanda Puig in the U.S., as it was confirmed years later by company sources.[11]

In 1968 Puig opened a branch office in Paris, at the same time that the company incorporated the Spanish designer brand Paco Rabanne. In 1969, as a result of this collaboration the fragrance Calandre began to be marketed.[12] In 1976 the company built a perfumery factory in Chartres, France.[13] In 1987 Puig acquired Paco Rabanne's Fashion House.[14]

One of the key milestones in the international expansion was the agreement reached in the 1980s with the Venezuelan designer Carolina Herrera in New York to create and market all her fragrances. Years later, in 1995, Carolina Herrara fashion business area also joined Puig.[7]

Name change: Puig Beauty & Fashion Group

Marc Puig, CEO of the company.

In 1997 Puig reached an agreement with Antonio Banderas for the creation and subsequent commercialization of the brand Antonio Banderas Fragrances. The following year the company acquired the brand Nina Ricci, keeping up with the policy of acquiring prestigious brands.[7] Due to business growth, in 1999 the Puig family refounded the company, renaming it Puig Beauty & Fashion Group, but maintaining the same structure and the three business lines: fashion, fragrances and cosmetics.

In line with its expansion policy, Puig acquired Spanish companies Perfumes Gal and Myrurgia.[15][16] These operations strengthened Puig leadership in the Spanish market. Also as the result of these procurements the brands Adolfo Dominguez, Massimo Dutti and Heno de Pravia, among others, were assimilated into Puig.[7][17]

In 2002, the French fashion firm Comme des Garçons joined the company and only a year later it was the turn of the Italian Prada. Both companies became part of Puig’s catalogue of fragrances.[18][19]

In the 2000s, there were changes in the company’s managing team, with Marc Puig, member of the third generation of the family, becoming the new General Director[20] and eventually CEO in 2007, leaving Manuel Puig as vice president.[21] In 2008 the new management reached an agreement with the Colombian singer Shakira for the development of her fragrances.[22]

Puig today

In 2009 Puig Beauty & Fashion Group changed its trade name for the second time, becoming known simply as Puig.[23]

The latest brands to be incorporated into the Puig structure are the ones from the Italian designer Valentino (in 2010)[24] and French Jean Paul Gaultier. For this last one, Puig also became the majority shareholder, buying the 45% of the shares of the French group Hermès and 10% of Jean Paul Gaultier himself, who nevertheless retained the artistic direction of the brand that bears his name.[25]

Puig in numbers

Puig currently has five production plants, four of them located in Europe and another one in Mexico, producing 331 million units of perfume each year. With that production, in 2010 Puig reached a worldwide share of 7.6% of the fragrance business, whereas five years earlier its global share was 3.5%. This means that Puig obtained 35% of the worldwide growth within this five-year period.[2]

Puig commercializes its products in 130 countries and is directly present in 21 of them, employing 4136 people worldwide. In 2012, turnover reached 1488 million euros in net revenues and 173 million euros in net income.[2][3][4]

Engagement with the sailing world

One of the classic boats in 2010 Puig Vela Clàssica regatta.

The Puig family has always been strongly linked to the sailing world, especially in the figure of the late Enrique Puig, director of the company, president of the Salón Náutico and the Royal Barcelona Yacht Club. The company was the sponsor of the Copa del Rey de Vela from 1984 to 2006.[26]

Puig was the shipowner and sponsor of the sailing «Azur de Puig». This boat participated in the most important sailing events worldwide. One of the usual crew of the sailboat was the Infanta Cristina, youngest daughter of King Juan Carlos I.[27]

Since 2008, in collaboration with the Royal Barcelona Yacht Club, the company boosts and sponsors the "Puig Vela Clàssica" race, which is held in Barcelona waters in July every year.[28] The main feature of this race is that it is reserved for traditional and classical boats only. This regatta is one of the main classical sailboats races of all those celebrated worldwide.[29]

References

  1. ↑ 1.0 1.1 "Puig". ModaMarcas. Retrieved 29 April 2012. 
  2. ↑ 2.0 2.1 2.2 "(in Catalan) El benefici net del grup Puig creix un 57%". El Punt Avui. Retrieved 26 April 2012. 
  3. ↑ 3.0 3.1 "Puig profit improves 19% to over 1,300 million in sales". Expansion. Retrieved 29 April 2012. 
  4. ↑ 4.0 4.1 "Puig crece un 11% gracias a su apuesta por los mercados internacionales". Revista VPC. Retrieved 9-5-2013. 
  5. ↑ "(in Catalan) The purchase Puig grup Jean Paul Gaultier d'euros per 30 milions". El Punt-Avui. Retrieved 26 April 2012. 
  6. ↑ "From Barcelona to the World". Emprendedores. Retrieved 26 April 2012. 
  7. ↑ 7.0 7.1 7.2 7.3 7.4 "Puig, a Spanish fashion empire that started with a lipstick". Modaes. Retrieved 26 April 2012. 
  8. ↑ "Colonies with history". Telva. Retrieved 27 April 2012. 
  9. ↑ "Classic you share with your mother and your grandmother". Soitu.es. Retrieved 27 April 2012. 
  10. ↑ "Puig will move to a building designed by Moneo CatalunyaCaixa". Expansion. Retrieved 26 April 2012. 
  11. ↑ "Puig Valentino paraded in Rome". Expansion. Retrieved 26 April 2012. 
  12. ↑ La Vanguardia, October 9, 2011, Supplement Diners, page 14
  13. ↑ "To be multinational in Spain costs a lot, because the domestic market is too small". La Vanguardia. Retrieved May 9, 2012. 
  14. ↑ "Paco Rabanne, Premio Nacional de Moda". ElPeriódico. Retrieved January 21, 2013. 
  15. ↑ "Antonio Puig enters the capital of displacing Palmolive Gal Perfumes". El País. Retrieved 29 April 2012. 
  16. ↑ "Puig buy the company Myrurgia family colonies Monegal". El País. Retrieved 29 April 2012. 
  17. ↑ "Puig is the second largest shareholder by Adolfo Dominguez to buy Myrurgia". La Voz de Galicia. Retrieved 29 April 2012. 
  18. ↑ "Comme Des Garcons, new signing Puig". ¡Hola!. Retrieved 29 April 2012. 
  19. ↑ "Puig invests 20 million in Prada". Economía digital. Retrieved 29 April 2012. 
  20. ↑ "The new fragrance of the young Puig". El País. Retrieved 26 April 2012. 
  21. ↑ "Marc Puig relieve Javier Cano, first president of Puig unfamiliar". El Economista. Retrieved 26 April 2012. 
  22. ↑ "Shakira and Puig created a new line of beauty products". Ideal. Retrieved 26 April 2012. 
  23. ↑ "Puig lost their surnames". Alimarket. Retrieved 26 April 2012. 
  24. ↑ "Puig talks with Permira to buy Valentino". La Vanguardia. Retrieved 26 April 2012. 
  25. ↑ "Puig takes control of the brand Jean-Paul Gaultier". La Vanguardia. Retrieved 26 April 2012. 
  26. ↑ "Enrique Puig, the union of perfume and sports". World. Retrieved May 9, 2012. 
  27. ↑ "Cristina joined the 'Azur de Puig "the last day". ABC. Retrieved May 9, 2012. 
  28. ↑ "Trias IV presents the Vela Clàssica Puig". La Vanguardia. Retrieved May 9, 2012. 
  29. ↑ "Fifty sailboat regatta will participate in the Barcelona Classic Sailing". La Vanguardia. Retrieved May 9, 2012. 

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