Charlotte Tilbury owner Puig shares dip after withdrawing make-up setting spray

Shares in premium beauty brand Puig dropped on Friday after revealing its Charlotte Tilbury brand is withdrawing batches of its make-up setting spray over a quality issue.

The Barcelona-based company, which also owns brands including Jean Paul Gaultier and Rabanne, told shareholders it is expecting the move to impact the performance of its make-up business.

Charlotte Tilbury is carrying out a “global voluntary withdrawal” of selected batches of its Airbrush Flawless Setting Spray, the owner said.

This was after “routine product testing identified an isolated quality issue in a limited number of batches which, in any event, does not make the product unsafe”, adding that none of the brand’s other products are affected.

The product, which is used to set make-up in place, has a retail price of £32.

Puig said the withdrawal is expected to impact the financial performance of its make-up business, but will not have a material impact on its overall performance this year.

Shares in Puig fell by as much as 9% in early trading on Friday, hitting its lowest price since flotation, but were down about 4% later in the morning.

The company was founded in 1914 by Antonio Puig Castello and continues to be family-owned.

It launched on the Spanish Stock Exchanges in May with an initial public offering that raised 2.6 billion euros (£2.2 billion), one of the biggest in the continent this year.

In September, it reported rising half-year sales but cautioned over a challenging sales environment in Asia, particularly China where economic conditions have impacted consumer spending.