Puig is poised for a $15 billion IPO, but CEO Mark Puig has a ‘self-disempowerment' plan to stop his family from controlling the Spanish beauty empire [Fortune]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: Fortune
Byredo, will go public in Spain's largest listing in nearly a decade. It's also Europe's most prominent IPO this year, expected to fetch a €14 billion ($15 billion) valuation. The Barcelona-based family-run beauty empire has embraced a path similar to L'Oreal and LVMH's. However, it plans to preserve its 110-year legacy very differently—by not passing control of the business on to the next generation. At the company's helm is Marc Puig, who belongs to the founding family's third generation. He's been the company's CEO for 20 years and chair since 2007. A Harvard-educated businessman, Puig has a less common view among those belonging to Europe's prominent business empires. Succession within family-run companies is a big deal, given that billions of dollars and a rich legacy are at stake when a business is passed on from one generation to the next. Puig instead plans to avoid any friction entirely. It's not easy running a business with family members—as Puig puts it, it requires
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