Spanish fashion and beauty group Puig, the parent company of Dries van Noten, Jean Paul Gaultier, Nina Ricci and Paco Rabanne, among others, is reportedly entering the stock market. The company is targeting an IPO in 2024 with an estimated valuation of €8 billion, according to Europa Press.
Spanish economic and business newspaper 'Expansión' reported on Thursday that the company would have hired services from Goldman Sachs and JP Morgan to oversee the IPO debut.
The newspaper further expects the size of the offering to be between 25 to 49 percent of the company's total capital. This covers the minimum required by the National Securities Market Commission (CNMV) for companies entering the stock market, but allows the Puig family to retain control of the group.
According to the newspaper, Puig reorganised its corporate culture to bring all its businesses under a public limited company: Puig Brands SA. The original name of the parent company was Puig SL, but this kind of company cannot be publicly traded, Expansión said.
Financial year 2022 was a strong year for Puig. At the time, the company posted record sales of 3.6 billion euros, 40 percent above the previous year's level.
This article originally appeared on FashionUnited.NL. Translation and edit by: Rachel Douglass.