Puig, a Catalan beauty and fashion multinational, repeated record results in 2023 by earning 465 million euros, 16% more, according to the accounts presented this Thursday. Income also grew by double digits, with net sales of 4,304 million euros, 19% more than the previous year and another maximum.
“We have achieved these extraordinary results thanks to our strategy, which consists of building a portfolio of own brands focused on prestige products and expanding our leadership in niche fragrances and makeup and skin care,” he noted. the executive president of the group, Marc Puig. It is growing above the market, in all businesses and in all geographical areas “despite a complex economic environment, marked by geopolitical tensions and rising interest rates,” it stands out.
The fragrance and fashion business is the main leg of the activity. It generated sales of 3,115 million, 17% more. Puig continued to increase its market share in selective fragrances and now accounts for 11% of the global business. Rabanne has become the first Puig brand to exceed 1 billion in net sales, although Jean Paul Gaultier is the one that is growing the most.
In makeup, it earned 773 million (23%), and represents a fifth of sales. The company points out here the growth in the Middle East and Latin America and the contribution of Charlotte Tilbury, acquired in 2020, Christian Louboutin Beauté and the new Rabanne makeup line.
Dermoesthetics is the division that advances the most, 31% to 432 million. Contribute 10 of every 100 euros invoiced. “This boost was due to the success of Charlotte Tilbury’s flagship product Magic Cream,” he reports. The growth in supply and greater investment in innovation and technology increase activity. The company has just incorporated Dr. Barbara Sturm, whose impact will be seen in the accounts for this year.
With the good tone, Puig has already doubled its 2020 income, “and has practically managed to triple it two years ahead of schedule,” it is noted in the note that reports on the evolution of the business. Sales in Europe, the Middle East and Africa (EMEA) account for 54% of revenue, around 2.3 billion after growing 18% “despite global disruption, geopolitical tensions and inflation.” The United Kingdom, Spain and France show “solid” growth, while it expands in Poland, Sweden and Saudi Arabia with Charlotte Tillbury.
The country with the highest net sales is hidden in America, the USA. In the region as a whole, sales grew another 18%, to 1,543 million euros. Asia, for its part, is where sales increased the most, 26% to 439 million. It is “a consequence of Puig’s strategic investment in regions with great growth potential”, mainly China. There it advances 27%.
The financial debt remains at 1,196 million, while online sales are consolidated with an increase of 1% and 26% of the total business.
