Puig's Profit Rises 14% in First Year as Listed Company

Puig, the Spanish beauty and fashion group, has reported a 14% increase in profit in its first year as a listed company. The company's net revenue for the full year in 2024 reached a record €4.79 billion, representing a 10.9% increase in like-for-like sales from the previous year. For the fourth quarter of 2024, Puig reported a 14.3% increase in revenue compared to Q4 2023.

Puig's Fragrance and Fashion segment, which includes brands like Jean Paul Gaultier, Carolina Herrera, and Nina Ricci, reported a growth of 13.6%, accounting for 73% of the company's total revenue. The segment's strong performance was driven by the exceptional performance of Jean Paul Gaultier's Le Male fragrance, which is estimated to become the #3 masculine fragrance line worldwide, and Carolina Herrera's Good Girl fragrance, which maintained its status as the #2 feminine fragrance line worldwide and became the #1 feminine fragrance line in the US in 2024.

Puig's Skincare segment, which includes brands like Apivita and Uriage, saw a boost of 19.8% in 2024, delivering €516 million in net revenue. The segment's growth was driven by the strong performance of Dr. Barbara Sturm, a German high-end skincare brand that Puig acquired in January 2024.

Puig's Makeup segment, which includes brands like Charlotte Tilbury and Byredo, reported a 1.3% decrease in revenue for the full year of 2024. The segment's performance was impacted by a voluntary global recall of select batches of Charlotte Tilbury's Airbrush Flawless Setting Spray in December 2024.

Puig's CEO, Marc Puig, attributed the company's strong performance to its desirability and strength of its brands, as well as its geographic footprint. He also noted that Puig's acquisition strategy, which includes acquiring minority stakes in brands like Charlotte Tilbury and Byredo, and eventually assuming full ownership, has contributed to the company's growth.

Puig's acquisition strategy has allowed the company to expand its brand portfolio and tap into new markets and customer segments. The company's focus on small niche brands has also differentiated it from larger competitors and allowed it to capitalize on new growth opportunities. Puig's investment in digital channels and e-commerce platforms has also helped the company to adapt to changing consumer behavior and capitalize on the growth of online retail.

Puig's focus on the Chinese market has also contributed to its overall growth and profitability. The company has invested in local brands and formed strategic partnerships to expand its presence in the region. In 2023, China's market revenue increased by 27% compared to the previous year, contributing to Puig's overall revenue and profitability.

Puig's strong performance in 2024 has positioned it as a leading player in the global beauty and fashion industry. The company's focus on brand acquisition, diversification, international expansion, digital innovation, and a focus on small niche brands has allowed it to achieve strong growth and maintain its competitive position in the market. As Puig continues to invest in its brand portfolio and expand its presence in new markets, it is well-positioned to capitalize on new growth opportunities and continue its strong performance in the coming years.