Puig has outperformed the premium beauty market in the third quarter of 2024.
The luxury brand owner’s net revenue neared €1.26bn, up 11.1% (reported) and 11.6% (like-for-like) on Q3 2023.
Fragrance and fashion provided strong momentum for Barcelona-based Puig.
The business enjoyed an 11.1% reported revenue uptick thanks to the launches of Million Gold by Rabanne and Vénus by Nina Ricci, the brand’s first new fragrance in a decade.
The acquisition of Dr. Barbara Sturm continued to pay off for Puig with its skin care arm reporting double-digit sales growth of 18.6% on a reported basis and 5.2% at constant perimeter in Q3.
It described the segment’s performance as “strong”, despite a tough baseline due to the success of its Charlotte Tilbury Magic Water Cream launch in the second half of last year. ]
Finally, Puig’s make-up business grew 7.3% in Q3 with strong growth in EMEA and improving performance in the Americas countered by softness in APAC.
“Puig delivered double-digit revenue growth in the third quarter amid a complex operating environment for the sector,” said chairman and CEO Marc Puig.
“This result highlights the health and resilience of our core business – particularly fragrances – which saw an acceleration in Q3 and continues to outperform the premium beauty market.
“Our product and geographic diversity, combined with the strength of our brands and targeted investments, have enabled us to deliver solid revenue and profit growth across the company.”
He added: “With net revenue up 9.6% like-for-like in the first nine months of the year, we remain confident in our ability to outperform the premium beauty market, achieving our medium-term guidance.”
Puig began trading as a listed company on the Spanish Stock Exchanges on 3 May.
Its total offering of €3bn made it Europe’s largest float for the year.