Charlotte Tilbury drives record annual revenue at Puig

Puig has reported a 19% increase in net revenue to £3.6 billion (€4.3bn) for 2023, with double-digit growth across all segments and geographies.

The parent company of Charlotte Tilbury and Byredo said it achieved these record results despite a "challenging economic environment marked by geopolitical tensions and rising interest rates".

Net revenue grew by over 18% year-on-year in all regions, with the highest growth coming from the Asia Pacific region, up 26%.

The EMEA region, which accounted for 54% of overall revenue, recorded an 18% uplift compared to the previous year.

For 2023, Puig shared the following segment results:

• Fragrance and fashion revenue up 17% to £2.6 billion (€3.1bn).
• Makeup revenue up 23% to £660 million (€773m).
• Skincare revenue up 31% to £368 million (€431m).

For fragrance and fashion, Puig revealed that Rabanne reached £854 million (€1 billion) in revenue for the first time. The company also continued to consolidate its niche portfolio with "dynamic momentum" from Dries Van Noten and Byredo.

Growth across the makeup segment was led by Charlotte Tilbury, which celebrated its 10-year anniversary with a positive performance, as well as Christian Louboutin Beauté and Rabanne.

Meanwhile, skincare became Puig's fastest-growing business segment, representing 10% of its revenues. This increase was once again partly driven by the success of Charlotte Tilbury, alongside Uriage, Apivita, Loto del Sur, and Kama Ayurveda.

EBITDA reached £725 million (€849m), a 33% increase against 2022, while net profit rose to £397 million (€465m), up 16%.

Marc Puig, Chairman and CEO of Puig, said: "We have achieved these strong results thanks to our strategy of building up a portfolio of owned brands, focusing on prestige products and expanding our leadership in niche fragrances and makeup.

"Due to the strength and desirability of our diversified portfolio, we have reinforced our position in our core regions – Europe and the Americas – while continuing to invest in markets with high growth potential for our brands.

"We have kicked off 2024 with positive momentum, including the strengthening of our foothold in premium skincare with the acquisition of Dr. Barbara Sturm.

"We also celebrated the inauguration of our new building in Barcelona, in the presence of the King and Queen of Spain, and new offices in New York, which are a testament to our continued investment in Puig’s operations and presence in key countries."