Overview
A voluntary recall of Charlotte Tilbury’s Airbrush Flawless Setting Spray has created market unrest, resulting in a new low for Puig’s shares since the fragrance company’s IPO earlier this year.
Key Details
Bloomberg informs us, via data from Citigroup, that the recall affects batches accounting for nearly 5 percent of Puig’s makeup revenue.
Underlying Reasons
Though attributed to an ‘isolated quality issue’ and reassured by Puig as not compromising product safety, this recall greatly impacted the Paco Rabanne owner’s stocks, which nosedived by 9 percent, hitting an intraday low of €17.90.