Skin Care becomes Puig’s fastest-growing segment

By Kirsty Doolan

- Last updated on GMT

The King and Queen of Spain were present at the official opening of Puig's new offices in Barcelona
The King and Queen of Spain were present at the official opening of Puig's new offices in Barcelona

Related tags Puig Finance Cosmetics

Spanish beauty company Puig hit total sales of €4.3bn in 2023 – up by 19% from the previous year – and the company is now making waves in the skin care category, outside of its traditional focus on fragrance and colour cosmetics...

Puig shared that it had reached record-breaking financial results for the third consecutive year, with double-digit growth across all segments and regions. It also said it had “significantly outperformed the beauty market.”

Skin Care was its fastest-growing business segment – up by 31% on the previous year. Makeup sales were also up by 23% on 2022; and it also said that its Fragrances segment had “reached an all-time high market share of 11% in selective distribution.”

Chairman and CEO Marc Puig believed the company had achieved this strong performance thanks to its strategy of “building up a portfolio of owned brands, focusing on prestige products and expanding our leadership in niche fragrances and makeup”.

He continued: “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.”

Marc Puig also highlighted that the company has recently opened new offices in Barcelona and New York, which he viewed as “testament to our continued investment in Puig’s operations and presence in key countries.

He also noted that it had recently strengthened its foothold in premium skin care with the acquisition of Dr. Barbara Sturm.

Rabanne: first Puig brand to hit the €1bn mark

Puig’s Fragrances and Fashion segment was up by 17% and Rabanne was the first-ever Puig brand to exceed net revenues of €1bn.

Meanwhile, Jean Paul Gaultier was the fastest-growing brand in the entire portfolio and the business also said it saw “particularly dynamic momentum” in its fastest-growing niche brand Dries Van Noten.

The company continued to gain market share and said it had reached 11% in the global selective distribution fragrance business, which it shared was “a key milestone in its history.”

It also gave special mentions to Rabanne's 1 Million fragrance, Carolina Herrera's Good Girl, and Jean Paul Gaultier's Le Male Elixir and Gaultier Divine as strong performers in 2023. 

Skin Care was Puig’s fastest-growing segment

In Puig's Skin Care segment, revenues rose by 31% in 2023, making it the fastest-growing segment for Puig, which represented 10% of its net revenue.

The company partially attributed this to the success of Charlotte Tilbury’s leading product Magic Cream, along with sales of science-based dermatology products from Uriage and Apivita, which it said have “increased their investments in innovation and technology over the past two years to continue developing scientific and environmentally friendly dermatology products.”

It also highlighted strong performances from newer brands Loto del Sur and Kama Ayurveda, which were both acquired in 2022.

Sales for its Makeup segment increased by 23% in 2023, which it said was driven by the success of Charlotte Tilbury, the acceleration of the Middle Eastern and Latin American markets, the performance of Christian Louboutin Beauté, and its newly launched Rabanne makeup line.

China: "a priority" for Puig

Overall sales in the EMEA region were up by 18%; in the Americas by 18%; and by 26% in APAC.

In EMEA, it noted that Charlotte Tilbury had benefited by expanding into new countries such as Poland, Sweden, and Saudi Arabia, and had enjoyed strong growth in the UK, Spain, and France.

In 2023, its new beauty-wellness brand Kama Ayurveda had opened a store in Notting Hill, London, as well as a spa in Harrods department store.

IN EMEA, Puig itself has also just opened a new office in Paris and plans to open another in London this year.

In the US, Carolina Herrera’s Good Girl becoming #2 best-selling fragrance in the USA, according to company estimates, while makeup brand Charlotte Tilbury has #5 makeup brand in the market with a very limited distribution.

It experienced growth in Brazil, Mexico and Chile, which was boosted by fragrances. While the integration of Loto del Sur consolidated the business' presence in Colombia.

In APAC, the company said that the China market is now “one of the priorities for the company” and that it has “recorded an uptick of 27% in 2023”, which it said has been driven by the popularity of Charlotte Tilbury, which is Puig’s largest brand in the region, and Byredo, which is its fastest-growing niche brand in the region.

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