Market PositionEuropean investors now have access to a prestige beauty play in Puig, leveraged to some of the hottest growth categories (e.g. fragrances, derma) and owner of some of the best brands in the space (e.g. Charlotte Tilbury, Byredo).
Sales PerformanceFragrance and Fashion grew 11.1%, better than expected with consensus 8.7%.
ValuationValuation looks more compelling post the pullback which creates an attractive entry point.