Puig revenues rise, thanks to double-digit growth in fragrance and skincare

Puig has delivered net revenue of €4.79 billion (£4 billion) in 2024, with growth from fragrance and skincare slightly offset by declines in makeup.

The Spanish company saw annual net revenue increase 10.9% on a like-for-like basis and 11.3% on a reported basis, whilst fourth quarter sales lifted 14.3% compared to Q4 2023.

For the full-year, EMEA reported 12.8% growth, accounting for 55% of net revenues. Meanwhile, the Americas and Asia-Pacific held 36% and 10% of total revenues, respectively.

Fragrance and fashion, the largest segment, reported growth of 13.6%, accounting for 73% of total revenues. Jean Paul Gaultier completed an "outstanding" year, while Carolina Herrera reported a strong performance throughout the year.

Niche fragrance brands also continued to show compelling growth, with double digit performances from L’Artisan Parfumeur, Penhaligon's and Dries Van Noten.

However, the makeup segment recorded net revenue of €763 million (£637 million), reflecting a decrease of 1.3% on a reported basis in comparison to the previous year.

Its largest contributor, Charlotte Tilbury, posted a flat performance. This was the result of several factors, including "a tougher comparison against a strong 2023, further impacted by specific sell-in/sell-out dynamics".

Despite this, the cosmetics brand continued to drive innovation with successful launches and extended its partnership with Puig, allowing the Barcelona-based group to progressively assume full ownership until the beginning of 2031.

The skincare segment delivered €516 million (£431 million) in net revenue, representing 11% of Puig’s net revenue and an increase of 19.8% on a reported basis against 2023.

As part of this, dermo-cosmetics brands continued to perform strongly, with Uriage delivering double-digit growth.

Puig also continued to strengthen the segment with its acquisition of Dr Barbara Sturm in January 2024, reinforcing the company's ultra premium skincare offerings.

Marc Puig, Chairman and CEO of Puig, said: "2024 was a historic year for Puig, in which we celebrated our 110th anniversary and became a publicly listed company.

"Once again, we delivered record revenues, driven by the exceptional performance of our core fragrance business and our core geographies, EMEA and the Americas.

"We also continued developing our makeup and skincare segments achieving meaningful milestones such as the acquisition of Dr. Barbara Sturm and the extension of our partnership agreement with Charlotte Tilbury.

"The 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."