Puig to Join Spain’s Benchmark Stock Index, Melia Set for Exit

(Bloomberg) -- Luxury beauty company Puig Brands SA will be added to Spain’s benchmark stock index, replacing Melia Hotels International SA, in the first revamp of the blue-chip gauge in a year and a half.

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The Spanish beauty and fragrance group will join the Ibex-35 as from July 22, according to a statement from the exchange after an extraordinary meeting Tuesday. The next meeting will take place on Sept. 12.

Puig, which owns brands including Rabanne, Carolina Herrera and Jean Paul Gaultier, has seen its shares rise since the company’s May debut on the Madrid Stock Exchange.

Meanwhile, Melia Hotels has seen trading volumes languish in the past year. About 451,000 shares changed hands per day on average last month, compared to about a million shares a day in May 2023, data compiled by Bloomberg shows.

The Ibex-35 has rallied about 8% this year, in line with the Stoxx Europe 600 Index.

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