Puig Brands, the Catalan multinational family group for beauty and fashion, which is negotiating an integration with the American Estée Lauder, three times larger, brings to the table the process of ownership change of local companies that has been occurring over the last 20 years. This very week, the Japanese Marubeni Corporation has bought 85% of Factorenergia, founded in 1999 by Emili Rousaud, former candidate for the presidency of Barça, for 204 million euros. The ownership changes of Catalan companies have not stopped. Between 2005 and 2006, the sales of Panrico, by the Costafreda family, to the fund Apax Partners were closed; and that of Chupa Chups, founded by Enric Bernat in 1958, to the Italian Perfetti Van Melle. Bernat's heirs today operate Casa Batlló on Barcelona's Passeig de Gràcia, one of Antoni Gaudí's iconic buildings, which they bought in the 90s.

The arrival of spring not only brings the time change and milder temperatures. For investors in the Spanish stock market, it is the starting gun for the most lucrative period of the year. In 2025, the Ibex-35 reaffirmed itself as the one with the most generous remuneration in the Old Continent. According to the latest market data, the Spanish selective index leads dividend yield in Europe, thus breaking its own record of payments in a year marked by the strength of business results.

There are flowers with a scent that's almost impossible to escape. And this story of a thousand fragrances begins with one of them, the jasmine that gave its name to the street in Vilassar de Dalt where Antonio Puig Castelló was born on October 19, 1889. His father, Simón, was a farmer who had done well selling potatoes in the United Kingdom and had been able to move to London. From the British capital, he returned with various products to import, among them perfumes from the French firm D'Orsay. From that moment on, despite episodes such as the defection of his first business partner in America with his secretary or the sinking of a ship loaded with his products by a German submarine, his surname has remained inextricably linked to aromas. Puig is today a company with more than 4.3 billion euros in annual sales, selling its products to more than 150 countries and hiding behind such globally recognized brands as Paco Rabanne, Carolina Herrera, Jean Paul Gaultier, Nina Ricci or Charlotte Tilbury.

There are developments in the beauty, cosmetics, and perfume sector. The Catalan company Puig Brands confirmed tonight that it is in talks with the American company Estée Lauder, also majority-owned by the family. In a statement to the Spanish National Securities Market Commission (CNMV), the group controlled by the Puig family acknowledged that these negotiations are taking place, as previously reported by [the Spanish news outlet]. Financial TimesIn the same statement, the multinational—which owns brands such as Paco Rabanne, Nina Ricci, Jean Paul Gaultier, Byredo, Charlotte Tilbury, and Carolina Herrera, among others—adds that the talks are focused on "a possible combination of businesses with The Estée Lauder Companies Inc." In any case, they assure that "no final decision has been made nor has any agreement been reached." And they add that "until there is an agreement, there is no guarantee that a transaction will take place, nor its terms." The Wall Street Journal Information has emerged about the operation, which would create a cosmetics giant valued at over €30 billion. Following news of the talks, shares of the US firm fell by more than 8% on the stock market. Estée Lauder is larger than Puig Brands, which also has a portion of its capital publicly traded. The US group's value is around $30 billion – it fell to $28 billion on Monday – while Estée Lauder's is valued at approximately $9 billion. IPO

The Catalan group, which debuted on the stock exchange on May 3, 2024, launched at €24.50 per share, a price it has not yet recovered. This Monday, it closed at €15.57, up 3.59%. The family that owns the Catalan multinational, with a 112-year history, retained more than 90% of the voting rights despite its IPO. In 2025, Puig reported net revenues of €5.042 billion, a 5.3% increase, and profits of €594 million, an 11.9% increase.

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Changes at the top of Puig. Its executive chairman, Marc Puig, will step down as CEO of the Catalan perfume and beauty company, and will be replaced by José Manuel Albesa, currently the company's deputy CEO. Meanwhile, the outgoing chairman of the private association Barcelona Global has proposed investor Josep Lluís Sanfeliu as his successor, a name that must be ratified by the members in June. There are also changes at Ysios Capital – co-founded by Sanfeliu – Marlex, and CIM Tax & Legal. These are the most notable appointments of the week.

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The Catalan multinational fragrance company Puig has appointed a new CEO. Executive José Manuel Albesa, currently the company's deputy CEO, will assume this role, which is currently held—along with the chairmanship of the group—by Marc Puig, the company announced in a statement on Tuesday. With this appointment, Marc Puig will step down from the chairmanship but will remain as executive chairman. "Marc Puig will work closely with José Manuel Albesa to align the strategic vision, while remaining focused on the mergers and acquisitions strategy," the statement reads. The appointment is effective immediately and has already been approved by the multinational's board of directors, with the endorsement of the appointments and remuneration committee. The decision to separate the chairmanship and CEO positions, which were previously held by the same person, is "in line with best practices for listed companies," according to the company. "The separation of roles aligns with the highest standards of best practices," the group's president stated in the same press release. Puig, a family-owned company since its inception, went public in May 2024 and It entered the select group of the Ibex 35 —the index that groups the 35 largest companies on the Spanish stock exchanges— two months later.

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Puig's latest results, the second it has presented as a listed company on the Ibex 35, have once again set records. The Catalan fashion and fragrance company achieved profits of €594 million in 2025, 11.9% higher than the previous year, and sales of €5.042 billion, a 5.3% increase. Although the growth rate has slowed compared to its last results (when profits soared 14.1% and revenue 11.3%), the multinational remains at all-time highs for the fifth consecutive year. "It's a record year, and we've grown above the premium beauty market," said the company's CEO, Marc Puig, this Wednesday during the press conference presenting the results. Adjusted EBITDA – the business's operating profit before accounting for financial and accounting effects – also increased by 7.8% to €1.045 billion, with a margin of 20.7%, exceeding the company's initial forecasts. Puig set its initial public offering (IPO) price in May 2024 at €24.5 per share, and it is now trading around €16.6, a drop of more than 30%. Regarding the company's performance after a year and a half on the stock exchange, Marc Puig explained that the five main companies with which they compete have fallen by 24% in the same period. "The sector had significant growth prospects, and that has had an impact. But we are not necessarily being valued for what we should be," the executive said. Today the stock market reacted well to the results, and its value jumped nearly 6% at the start of trading.

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Both Sabadell and CaixaBank were the two Catalan (or Catalan-origin) companies on the Ibex 35 that grew the most in 2025. The year was marked by strong growth in the Spanish stock market and, from a Catalan perspective, by the recovery of Grifols and the notable declines of Puig.

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Glovo, the Barcelona-born home delivery platform, is back in the news. This time in the executive market, after launching an advisory board that will include several former politicians and businessmen, with names well known to everyone. Glovo thus covers its shoulders after years of back-and-forth with the authorities and several open court battles, such as the war with Just Eat over alleged unfair competition. Puig also took advantage of his earnings presentation to announce a new position, and Ipsen has a new CEO.

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Puig continues to grow during its new phase as a listed company. The Catalan multinational perfume company achieved an adjusted net profit of €247 million during the first half of the year, a 3.9% increase compared to the same period last year, according to a report this Tuesday through the National Securities Market Commission (CNMV). Group sales reached €2.299 billion, representing an increase of 5.9% and, according to the company, a growth rate that is above the rest of the premium beauty market.

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The Catalan fragrance and fashion group Puig held its first general shareholders' meeting this Wednesday after the IPO just over a year agoAlthough the share price has fallen by around 32% compared to its initial public offering during this time, the company's chairman, Marc Puig, boasted about having fulfilled the commitments made during its debut on the stock market. For example, in terms of sales—with a record turnover of €4.79 billion—business profitability, and shareholder remuneration.

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Puig closed the first quarter of this year with a 7.5% increase in sales, reaching €1.206 billion. This growth leads the cosmetics, fashion, and perfumery company to maintain its forecast of an annual sales increase of between 6% and 8%, despite the tariff war initiated by US President Donald Trump.

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In a week The stock market is in turmoil due to Trump's tariff warLarge companies have not stopped their internal movements and signings to strengthen their positions amid this uncertain macroeconomic environment. From the transfer of communications directors between Puig and Grifols to the new heads of the La Caixa Foundation and the new director of the Port of Tarragona, these are the main appointments of the week.

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There was a time when banks had powerful industrial portfolios. An example was Banesto, when Mario Conde was its chairman, which was swallowed up by Santander; or BBVA itself, which had been one of the key shareholders of Telefónica and Gamesa (now part of the Siemens group). When it was a savings bank, La Caixa was—and still is in some cases—the key partner in companies such as Gas Natural (now Naturgy), Agbar, Abertis, and Repsol, and it maintained this vocation, which was frowned upon by the European Central Bank (ECB) and the Bank of Spain.

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US President Donald Trump's tariff threats have sent shockwaves through the stock markets in recent weeks. The warnings from the leader of the world's leading power and the global trade war he is beginning to unleash have only generated uncertainty.

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Puig's first annual results as a new Catalan company listed on the Ibex 35 The fragrance and fashion company achieved profits of 531 million euros in 2024, 14.1% more than the previous year, as reported this Thursday in a statement sent to the National Securities Market Commission (CNMV). In that same year, during which it completed the jump to the stock market in May, recorded sales of 4.79 billion euros, 11.3% more. Meanwhile, its operating profit (Ebitda) increased by 12.3% to 969 million. "This puts us above the high single-digit growth that we announced during the IPO," recalled the company's executive president, Marc Puig, during a call with journalists to assess the accounts. The group has boasted of growing at a rate above the average of the premium beauty sector.

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