💄 PUIG Brands – Initial Equity Research 🇪🇸

• A reference in the beauty industry with a vertically integrated model spanning nearly the entire value chain

• Industry-leading gross margins (75%) and a strong presence in prestige beauty.

• Brands still far from maturity (unlike several of its main competitors), with heavy investment in international expansion and new categories

• The family has owned 74% of the company since the 2024 IPO, one of the largest in Europe in recent years

💎In-depth analysis of its strategy, operations, market positioning, growth opportunities, valuation, risks, and, as always, our independent opinion