Inside Puig’s Transformation Through M&A

PARIS — When Puig lost its beauty licences for Valentino and Prada in 2018, the Spanish fragrance-and-fashion group appeared to some observers as a company in crisis.

The closely-held group risked getting squeezed for market share by listed giants like L’Oréal, which had scooped up the licences for both prestigious Italian brands, and LVMH, whose beauty brands including Dior and Fenty have surged, boosted by investment firepower and prime…