Puig Brands SA Ordinary Shares - Class B

PUIG: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€73.00	Wcdd	Lsyqvjpwj

Puig Poised to Ride Premiumization Tailwinds, but Moat Elusive Given Narrow Fragrance Focus

Dan Su

Jun 26, 2024

Business Strategy and Outlook

We think chairman and CEO Marc Puig has done a commendable job sharpening Puig’s premium focus and expanding its brand collection through acquisitions, thus positioning the small beauty product maker well to benefit from premiumization trends globally. That said, we’re not convinced Puig has carved out an economic moat, given its lack of brand intangibles and small scale relative to moaty peers L’Oreal and Estee Lauder.

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