Dermocosmetics has crept into all makeup and skincare routines in the world. More and more women and men use products like sunscreens daily. This new era of skin care has made some companies grow exponentially. In addition, constant demand has opened the market to big competitors across the ocean. South Korea and China arrive in Europe and the United States with unique products and competitive prices to play on the same board as traditional companies. In a world of changing, fast, and globalized economy, new strategies are needed to make a place for oneself. All these obvious trends seem to have led Puig to buy ISDIN and take 100% ownership of what in 1974 was the innovative idea of two Catalan companies: Puig and the pharmaceutical company Esteve.
"ISDIN is already much more than a pharmaceutical company," explains Francesc Rufas, expert consultant in Strategic Marketing and Commercial Strategy areas and professor at EAE Business School to The New Barcelona Post. This week, the perfume and cosmetics company Puig announced that it was buying the dermocosmetics and sun protection brand from Esteve for a value of 1.200 million euros. ISDIN was the idea of both companies in the seventies, but currently "it fits more into Puig's strategic vision of expansion," says Rufas. In this sense, Puig wants to dominate the cosmetics and skin care products market and with ISDIN in its portfolio it can open up to new care markets from a "premium and well-valued" brand, confirms Angel Hermosilla, general secretary of the College of Economists of Catalonia.
The operation is quite simple in the eyes of experts and responds to the clear changing needs of the market. On the one hand, there is Puig, a very well-positioned international company with a large list of powerful brands in the world of cosmetics. In parallel, they also have the perfumery empire, with brands like Carolina Herrera and Jean-Paul Gautier that have helped the sustained growth of the Catalan company. However, in this new context where skincare has become much more than cosmetics, a player like ISDIN brings a new window of opportunity, which according to experts "Puig did not want to miss," says Rufas. On the other hand, there is Esteve, who has decided to sell its 50% and accept the money, because —according to the conjectures of the consulted experts— they want to focus much more on what they know they master and know how to do, that is, "stay in the pharmaceutical sector," says Hermosillo. So we have on one side a company with a clear need for business expansion and on the other a company eager to strengthen itself in the sector it dominates.
Although ISDIN has always had its ownership divided between Puig and Esteve, they have been able to operate with a certain independence, as they had their own team led by CEO, Juan Naya, for about 15 years: "The joint venture between the Esteve and Puig families laid the foundations on which ISDIN has built its growth," says Naya in a statement sent to the media, where he also adds that "this new chapter provides ISDIN with a solid platform for the future." In fact, Rufas speculates that the general director will maintain his position after being "one of the great drivers of ISDIN's growth." To put it in numbers, in 2025, ISDIN invoiced 647.7 million euros, with a profit of 57 million. Although this turnover fell by 14% compared to 2024, it is clear that the brand is on the rise, which seems to have made Puig even more interested in having it completely under its wing.
The dance of figures that explains the purchase
From a purely transactional perspective and assuming that, currently, ISDIN fits more with Puig's desire for expansion and diversification, the sale figures are also interesting for experts. Puig has bought ISDIN for 1,200 million euros, a high figure compared to the company's turnover. Experts admit, however, that "it is clear they see growth potential." However, if that is the case, why has Esteve decided to sell its share of a supposedly expanding brand? Rufas assumes it is for immediate profit, meaning, for a company that takes less than 30 million in profit for being a co-owner of ISDIN, receiving more than a billion for its share is "40 years of amortized profits," says the expert consultant in Strategic Marketing and Commercial Strategy and professor at EAE Business School. A figure, moreover, quite succulent for a company that in 2025 had a turnover of 828 million, with 72 million in profit.
Puig's case is exactly the opposite. For the company, owning ISDIN is completing its sticker collection and playing in practically all sectors in which it owns a brand: perfumery, makeup, and now, dermo-cosmetics. The reality is that its portfolio has a great ambition for expansion, and doing so with a quality seal like ISDIN, which has earned a great reputation for being a brand highly valued by consumers, seems the right decision. For these reasons and also for the clear growth component perceived from the company, Puig has decided to pay this price, which may be high for some, but for a company that last year had a turnover of 5,042 million euros, with a profit of 587 million, "it is manageable," argues Rufas.
Entry into the international market
Puig's bet on dermocosmetics aims to cross borders at a time when everyone seems to want to play the skincare game. More and more players are entering the European market, but also the North American one. Specifically, South Korea and China are selling their products here. It is not uncommon to see ads for Korean skincare at very affordable prices. This fierce competition coming from Asian countries has led some companies to rethink their strategy and opt for new business lines in this sector. Puig, for example, has a great international projection and ISDIN can perfectly fit into this competition with Asian products. Thus, they can bring the brand closer to the United States thanks to their open and trusted distribution channels. However, ISDIN can also benefit from being within Puig's commercialization, as until now it had a certain international presence that will surely grow thanks to Puig.
The race for skincare has begun and ISDIN could be a very relevant brand in this new globalized context. Puig sees this opportunity and takes the step of keeping ownership of what was once a shared brand. Esteve is not left behind, nor does it miss any opportunity according to experts. In this way, Hermosillo assures that they must focus on pharmaceuticals and that "they are already very consolidated in this sector." While one brand seeks new business lines, the other reaffirms its commitment to a specific sector. Two ways of understanding the global market from Catalonia that, with the sale of ISDIN, put an end to the last link that united them.