Financial PerformanceQ3 sales were well ahead at 11.6% vs the thin consensus 8.8%, with fragrance and fashion growth +11.1 (inc ccy).
Investment OpportunityValuation looks more compelling post the pullback which creates an attractive entry point.
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).