Puig has reported double-digit growth for 2024 thanks to its fragrance and fashion business’ uptick.
The Barcelona-based beauty and fashion group unveiled net revenue of €4.79bn for the year, up 10.9% like-for-like and 11.3% reported.
Fragrance and fashion, which represented 73% of Puig’s net revenue, increased 13.6% on a reported basis versus 2023.
Puig’s fastest growing brand, Jean Paul Gaultier, entered the top ten fragrance ranking for the first time in its history in 2024.
While the acceleration of Byredo led to growth within niche fragrance in the year’s fourth quarter.
Its skin care business also performed well: up 19.8% compared with 2023 on a reported basis.
Puig singled out the dermo-cosmetics segment as a strong performer, with its Uriage brand delivering double-digit growth.
Its make-up business, representing 16% of Puig’s net revenue in 2024, decreased 1.3% on a reported basis against 2023.
This was attributed to a flat performance by Charlotte Tilbury compared with the make-up brand’s strong 2023 performance, further impacted by sell-in and sell-out dynamics.
The brand owner’s largest market, EMEA, saw 12.8% growth, while the Americas grew 11.1% and Asia Pacific increased 3.7%.
According to Puig, a subdued China in Q4 was offset by the impact of new Puig subsidiaries in Japan, India and Korea.
Puig Chairman and CEO, Marc 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 make-up and skin care segments achieving meaningful milestones, such as the acquisition of Dr. Barbara Sturm and the extension of our partnership agreement with Charlotte Tilbury.
“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.”
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