Puig, a renowned beauty and fashion conglomerate based in Spain, announced remarkable financial achievements. The company recorded a 14.3% increase in sales for the fourth quarter and a solid 10.9% rise in sales for the entirety of fiscal year 2024. With total net sales hitting €4.79 billion (around $4.99 billion), Puig notably surpassed analyst expectations, which predicted sales of approximately €4.72 billion.
Fragrance Division Drives Growth
The fragrance division played a pivotal role in this growth, with the Fragrance and Fashion segment witnessing a significant 13.6% boost, contributing to a staggering 73% of the company’s total revenue.
Among the highlights of the year was the stellar performance of Jean Paul Gaultier, which reached a milestone by breaking into the top 10 fragrance rankings for the first time. The Le Male line is on track to rank as the third-largest men’s fragrance globally. Meanwhile, Carolina Herrera’s Good Girl fragrance line continued to excel, maintaining its status as the second-largest women’s fragrance line in the world and achieving the distinction of being the top-selling women’s fragrance in the United States for 2024.
Niche fragrance brands also thrived, with labels such as Penhaligon’s, L’Artisan Parfumeur, and Dries Van Noten enjoying impressive double-digit growth.
Positive Trends in Skincare
Aside from fragrances, Puig’s skincare division also saw positive movement, registering a year-on-year increase of 7.4% and reaching €516 million ($537 million) in sales. The dermo-cosmetics sector, in particular, shone brightly, with Uriage reporting remarkable double-digit growth.
In January 2024, Puig further expanded its portfolio by acquiring Dr. Barbara Sturm, strategically bolstering its presence in the dermo-cosmetics space.
Challenges in Makeup Sales
However, not all segments experienced growth; makeup sales took a slight dip, declining by 1.3%. Charlotte Tilbury, Puig’s leading makeup brand, maintained a steady performance, showing no changes compared to the previous year.
Reflecting on the company’s accomplishments, Marc Puig, the Chairman and CEO, remarked on the significance of 2024 for Puig. This year not only marks the company’s 110th anniversary but also its transition to a publicly listed venture. He emphasized that the appeal and strength of Puig’s diverse brands, along with its global outreach, have empowered the company to not only stay ahead of trends in the premium beauty market but also exceed medium-term revenue growth expectations.
Source: Premiumbeautynews