Spanish beauty and fashion business Puig saw sales increase for 10.9% for the whole of the 2024 financial year, with annual net sales totalled €4.79bn. Its sales for the fourth quarter of the year increased by 14.3%.
The company, which owns scent brands such as Byredo, Penhaligon’s, Rabanne and Carolina Herrera, noted that fragrance was the main driver of this success. Puig’s Fragrance and Fashion business grew by 13.6% and now accounts for 73% of its total revenue.
Chairman and CEO Marc Puig said that 2024 was a historic year for Puig, in which it celebrated its 110th anniversary and became a publicly listed company.
“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,” he said.
Fragrance continues to grow
Puig’s Jean Paul Gaultier brand enjoyed a very strong year in 2024 and the business said it was now its fastest-growing brand. The Le Male scent is estimated to be the third biggest selling men’s fragrance in the world.
Another of the company’s iconic scents, Good Girl by Carolina Herrera, also saw strong sales and is forecast to maintain its position at the second biggest female fragrance line worldwide. as well as number one in the US market.
Skin care sales up; colour cosmetics down
Skin care performed well for the company, making sales of €516m in 2024, up 7.4% on a like-for-like basis.
The company’s derma skin care brand Uriage enjoyed double-digit growth.
Puig had also acquired the Dr. Barbara Sturm brand last January.
However, colour cosmetics saw a 1.3% decline and its biggest brand in this category, Charlotte Tilbury, saw flat sales compared to the previous year.
