Puig acquires full ownership of Isdin for €1.2 billion

Puig has agreed to acquire the remaining 50 per cent stake in Isdin from Corporación Químico-Farmacéutica Esteve (CQFE) for €1.2 billion, granting the Barcelona-based beauty group full ownership of the dermocosmetics brand.

The transaction concludes a 50-year joint venture between the Puig and Esteve families, which established Isdin in 1975. The move is a strategic effort by Puig to expand its presence in science-led skincare, moving beyond its traditional focus on fragrance, fashion, and makeup.

Isdin reported net revenues of €647.7 million in 2025. Following the acquisition, Puig aims to leverage the brand to drive growth in the dermocosmetics category, though analysts note the company will need to focus on translating this growth into improved margins and profitability.