Douglas, the German perfumery chain controlled by the investment group CVC Capital Partners, is moving toward a Frankfurt listing with trading scheduled to begin on March 21 following the announcement of a 907 million euro initial public offer. The offer will issue 32.7 million shares at a price range of 26 to 30 euros each, signaling a major step in the company’s expansion plan.
According to the prospectus, the offer opens on March 12 and is expected to close by March 19. Trading on the open market will commence two days later, after the shares are admitted to listing. The pricing range implies a market capitalization of roughly 2.8 to 3.1 billion euros, with approximately 29.3% to 31.8% of the company floating to public investors on completion of the offering.
Gross proceeds from the new share issuance are anticipated to reach about 850 million euros, while the total number of shares placed will depend on the final offer price. An additional 300 million euros will be contributed by a current shareholder to bolster the capital reserve.
Additionally, a secondary placement of up to 1.9 million shares will help beneficiaries of management participation plans meet tax obligations related to the IPO. This arrangement reflects a broader strategy to align managerial incentives with long-term shareholder value.
Douglas and its principal indirect shareholders, CVC and the Kreke family, have agreed to a standard 180-day lock-up period after the start of trading, during which their holdings cannot be sold. The lock-up is designed to provide market stability during the initial trading phase.
Post-IPO ownership is expected to favor the current backers. CVC and the Kreke family plan to remain the primary owners, with CVC projected to control between roughly 54.4% and 55.5%, the Kreke family around 10.2% to 10.4%, and the board of directors holding a minority stake between about 2.5% and 3.4%. This ownership structure signals continued long-term alignment with the company’s strategic direction.
Officials from Douglas highlighted the deal fairness and growth potential. The chief executive officer commented that the business model and expansion plan position Douglas well in an attractive market. The deleveraging associated with the IPO is expected to improve financial flexibility and support ongoing development, enabling more aggressive investment in growth avenues.
On the day of listing, Pamela Knapp and Georgia Garinois-Melenikiotou are slated to join Douglas’s supervisory board, alongside the market debut. The moves are part of a broader governance refresh aligned with the company’s international ambitions.
Observers note that the IPO aims to fund continued expansion while creating long-term value for shareholders. The process is expected to bring Douglas closer to a global investor base and accelerate plans to expand across Europe and beyond, leveraging digital transformation and category diversification to strengthen its footprint.
Analysts will monitor how the final share price shapes perceptions of Douglas’s growth trajectory, given the evolving competitive landscape in beauty retail and the potential for further expansion into new categories and markets.