Puig, the Barcelona-based fashion and beauty powerhouse, has witnessed unprecedented growth in 2024, driven by its fragrance division. The company reported a net profit of €465 million in 2023, marking a 16% increase from the previous year. In 2024, Puig’s revenue surged to €4.79 billion, outpacing the premium beauty market with a 10.9% growth at constant scope and an 11.3% increase on a reported basis. Notably, the fourth quarter saw a robust acceleration, with a 14.1% growth and revenues reaching €1.362 billion.

Record-Breaking Performance Across Fragrance and Geographic Markets

The fragrance sector has been the cornerstone of Puig's success, contributing significantly to its overall revenue. The company's core business in fragrances and its primary geographic markets, particularly Europe, the Middle East, and Africa (EMEA), have propelled the brand forward. EMEA alone accounted for 55% of total sales, generating €2.62 billion, while the Americas region, which makes up 36% of Puig's revenue, saw a substantial 11.1% growth. The United States, especially, experienced an impressive 18.1% increase in the last quarter, fueled by the popularity of its perfumes.

Puig's global footprint extends across diverse regions, each contributing uniquely to its success. In EMEA, the company's strong performance was underpinned by the enduring appeal of brands like Paco Rabanne, Carolina Herrera, and Jean Paul Gaultier. The Americas region, particularly the U.S., witnessed a surge in demand for fragrances, solidifying Puig's position as a leader in the premium beauty market. Despite challenges in China, the Asia-Pacific region also contributed positively, growing by 10.2%. The standout performer was Jean Paul Gaultier, whose Le Male fragrance secured a top-three spot, attracting younger demographics. Other notable successes include Good Girl by Carolina Herrera, leading in the U.S. female fragrance market, and niche brands like L'Artisan Parfumeur and Byredo, which continued to thrive.

Strategic Diversification and Future Prospects

Beyond its fragrance dominance, Puig has made strategic moves in makeup and skincare. While makeup sales declined slightly by 1.3%, Puig remains optimistic about future prospects, especially with the extended partnership with Charlotte Tilbury. This collaboration, initiated in 2020, will culminate in full ownership by 2031, positioning Puig for long-term growth in the cosmetics sector. Skincare, on the other hand, saw a remarkable 19.8% increase, driven by dermocosmetic brands such as Uriage and Dr. Barbara Sturm, which has recently joined Puig's portfolio.

Puig's strategic acquisitions have played a pivotal role in its expansion. The company's acquisition of significant stakes in Byredo and Dr. Barbara Sturm in recent years underscores its commitment to premium skincare and niche fragrance markets. These moves have not only diversified Puig's offerings but also enhanced its competitive edge. Looking ahead, Puig is poised for further acquisitions, aiming to strengthen its presence in the premium beauty sector. With a focus on innovation and strategic partnerships, Puig is well-positioned to continue its upward trajectory, celebrating its 110th anniversary and embracing new milestones in the coming years.