
Puig's boom, including fragrances, fashion, skincare and make-up
Spanish conglomerate closes 2024 with an 11 percent increase in sales and net revenues of €4.79 billion
February 2nd, 2025
Puig is growing beyond expectations, driven mainly by the strong performance of its fragrances. In 2023, the Barcelona-based fashion and beauty company posted a net profit of 465 million euros, a 16% increase compared to 2022. The results for the next 12 months are even better. In 2024, it recorded a revenue surge reaching 4.79 billion euros in total sales, with a +10.9% growth on a like-for-like basis (LFL) and +11.3% on a reported basis, outperforming the premium beauty market. Specifically, in the fourth quarter, it accelerated compared to the previous three quarters, with a strong LFL growth of +14.1% and a turnover of 1.362 billion euros.
Puig: Between Successes and New Challenges – A 2024 to Celebrate
Commenting on the latest results, Marc Puig, president and CEO of Puig, stated: "2024 has been a historic year for Puig, as we celebrated our 110th anniversary and became a publicly listed company. Once again, we achieved record revenues, driven by the exceptional performance of our core fragrance business and our key geographical areas, EMEA and the Americas. We also continued to develop our makeup and skincare segments, achieving significant milestones such as the entry of Barbara Sturm and the extension of our partnership agreement with Charlotte Tilbury. The desirability and strength of our brands, along with our geographical presence, enabled us to surpass the premium beauty market and exceed our revenue growth forecasts for the medium term." On February 27, Puig will present the full-year 2024 results and provide its medium-term forecasts, but here's what we know so far.
Puig's Global Growth: Increased Sales in All Regions
The figures are encouraging in each of the geographical areas where Puig is present. 55% of the net sales of the company, which produces brands such as Rabanne, Carolina Herrera, and Jean Paul Gaultier, come from Europe, the Middle East, and Africa (EMEA). EMEA generated 2.62 billion euros, up +12.8% on a reported basis. The Americas market grew by +11.1%, accounting for 36% of total revenues, and in 2024 it generated 1.71 billion euros. The growth in the United States, 18.1% in the last quarter, was fueled by fragrances. The Asia-Pacific region, which represents 10% of the group's business, increased sales by 10.2% on a reported basis compared to 2023, reaching 455.1 million euros for the past year. Despite this, China remains underperforming.
Puig Grows 13.6% in 2024: Success of Fragrances and the Jean Paul Gaultier Brand
Fragrances and fashion represent the largest business segment for Puig, contributing to 73% of its net revenue, which saw a 13.6% increase compared to 2023, reaching a total of 3.538 billion euros in 2024. The main driver behind these results is Jean Paul Gaultier, which continues to be Puig’s fastest-growing brand and, for the first time in its history, has entered the top 10 fragrances. It is estimated that the Le Male fragrance line secured third place, largely due to the renewed interest from young men and teenagers. Good Girl by Carolina Herrera is also soaring, ranking as the number one female fragrance in the United States. Niche fragrances continue to be popular, such as L’Artisan Parfumeur, Penhaligon’s, and Dries Van Noten. Lastly, it's worth mentioning the performance of Byredo, which reported annual sales of 4.79 billion euros, up 11% from 2023.
Makeup Sales Down, but New Prospects with the Acquisition of Charlotte Tilbury
Compared to other sectors, makeup has underperformed. Sales fell by 1.3%, on a reported and like-for-like basis compared to 2023, stopping at 763 million euros, which accounts for 16% of Puig's net revenue in the period. Marc Puig stated that this negative trend was due to the comparison with the extraordinary results of 2023, as well as "specific dynamics of sell-in and sell-out, which slowed down the segment throughout the year, and the voluntary recall of the Airbrush Flawless Setting Spray [Charlotte Tilbury]." In December, some batches of Charlotte Tilbury's Airbrush Flawless Setting Spray were voluntarily recalled, resulting in a 7.2% decline in makeup-related revenues in the fourth quarter. Despite this, the brand remained the number one in the UK and reached third place in the makeup brand rankings in the United States. Things are likely to improve in the coming months now that Puig has announced the extension of its partnership with Charlotte Tilbury, which began in 2020, until Puig fully owns Charlotte Tilbury Limited in early 2031.
Puig: 19.8% Growth in Skincare in 2024, Driven by Dermocosmetic Brands
In 2024, the skincare sector of the group generated 516.2 million euros, a 19.8% increase, accounting for 11% of Puig's net revenue. This represents a +19.8% increase on a reported basis and +7.4% on a like-for-like basis compared to the same period in 2023. The secret behind these results? According to Marc Puig, it’s the dermocosmetic brands, such as Uriage, which saw double-digit growth, partly thanks to the successful launch of the Uriage Age Absolu serum. Also performing well is Dr. Barbara Sturm, which Puig recently incorporated and which, in the fourth quarter of 2024, helped the skincare division achieve a sales growth of +11.7% on a reported basis and +2.1% on a like-for-like basis compared to the same period in 2023.
Puig and Beauty Domination: New Acquisitions on the Horizon?
Puig’s rise to success has been facilitated by a strategy that not only involves launching new high-end beauty brands, such as Dries Van Noten in fragrances and lipsticks in 2022, but also by acquiring both large and small existing brands. In 2020, it acquired a minority stake in Charlotte Tilbury, with plans to take full ownership in 2031. In 2022 and 2024, it acquired majority stakes in Byredo and Dr. Barbara Sturm, a German company specializing in molecular cosmetics. Speaking about the acquisition, Marc Puig emphasized how it represented a significant step for the Spanish conglomerate in expanding into the premium skincare segment. Although the terms of the transactions have not been disclosed, it is estimated that they were valued around 1 billion euros. What will be the next move?