By  on June 1, 2012

When the going got tough for Puig, the 98-year-old family-owned Spanish fragrance and fashion business dug deep and mined its strength: storytelling.

“Our company grew a lot during the Nineties through acquisitions, mainly, and we reached the beginning of this century with declining sales and, most worrisome, deteriorating profitability to the point that in 2004 we had operating losses,” said Marc Puig, chairman and chief executive officer. “We didn’t meet the governance of our debt, the auditors didn’t want to sign the numbers. Things didn’t look good.”

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