Spain’s beauty and fashion group Puig (Rabanne, Jean Paul Gaultier, Carolina Herera, Charlotte Tilbury, Nina Ricci, Penhaligon’s, Byredo, Apivita…) announced on Thursday, January 30, a 14.3% increase in its sales in Q4 and 10.9% for the whole of the 2024 financial year. Annual net sales totaled 4.79 billion euros (USD 4.99 billion), surpassing analysts’ expectations of approximately 4.72 billion euros.
Fragrance was the main driver of the company’s growth in 2024. Puig’s Fragrance and Fashion business grew by 13.6%, accounting for 73% of the company’s total revenue.
"Jean Paul Gaultier, Puig’s fastest growing brand, completed an outstanding year. In 2024 it entered the top 10 fragrance ranking for the first time in its history, while Le Male is estimated to become the #3 masculine fragrance line worldwide. Good Girl Carolina Herrera had a consistently strong performance throughout the year, and is expected to maintain its status as the #2 feminine fragrance line worldwide and has achieved the significant milestone of becoming the #1 feminine fragrance line in the US in 2024," said the group in a media statement.
As far as they are concerned, niche fragrance brands continued to show "compelling growth," with double digit performances from Penhaligon’s, L’Artisan Parfumeur and Dries Van Noten.
Skin care saw a boost, as well, up 7.4% like-for-like to EUR 516 million (USD 537 million).
The group’s dermo-cosmetics brands, in particular, continued to perform strongly, with Uriage delivering double-digit growth.
Puig continued its diversification in the segment with the acquisition of Dr. Barbara Sturm in January 2024.
Makeup, however, declined by 1.3%. Charlotte Tilbury, Puig’s largest contributor to this category, posted a flat performance in the segment versus 2023.
“2024 was a historic year for Puig, in which we celebrated our 110th anniversary and became a publicly listed company. The desirability and strength of our brands and geographic footprint have enabled us to outperform the premium beauty market as well as our mid-term revenue growth guidance,” said Marc Puig, Chairman and CEO of Puig.
