The Spanish beauty giant [1] closed 2023 with record net revenues of 4,304 million euros, an increase of 19% on 2022 (also +19% comparable perimeter and with constant exchange rates), with double-digit growth across all segments and geographies. These results are significantly ahead of the company’s plan, established in 2021, to reach 3,000 billion euros in revenues in 2023. Net profit rose to 465 million euros, up 16% compared to the previous year.
Puig grew in all segments (fragrances and fashion, makeup, skincare), with double-digit revenue growth vs 2022, ahead of the market average.
Rabanne reached 1 billion euros net revenue mark for the first time
Puig registered a 17% increase in the fragrances and fashion segment compared to 2022. This segment represented 72% of Puig net revenues in 2023 compared to 74% in 2022. Key highlights in 2023 included Rabanne’s launch of a new brand identity and becoming the first Puig brand to exceed Net Revenues of 1 billion euros, while Jean Paul Gaultier became the fastest growing brand in the Puig portfolio.
Strong makeup segment growth, led by Charlotte Tilbury
The makeup business segment recorded a 23% increase in revenues in 2023 and made up 18% of Puig’s net revenues (vs 17% in 2022). Momentum in this segment continued to be driven by the success of Charlotte Tilbury, which celebrated its 10-year anniversary with a positive performance in the United Kingdom, North America and Europe, the Middle East, Australia and Singapore. The strong growth in the segment was further fueled by the acceleration in the Middle East and Latin America, the performance of Christian Louboutin Beauté and the positive reception of the launch of Rabanne’s make-up line.
Skincare becomes Puig’s fastest-growing business segment
Revenues from the skincare segment rose by 31% in 2023, becoming the fastest-growing segment for Puig and representing 10% of its net revenues. This increase was once again partly driven by the success of Charlotte Tilbury’s leading product Magic Cream, in line with its commitment to providing a complete skincare regime. Growth was further fuelled by sales of dermatology products from Uriage and Apivita. Finally, the incorporation of the full-year results of Loto del Sur and Kama Ayurveda, both acquired in 2022, was key to achieving this strong double-digit growth in 2023. The segment was once again reinforced with the acquisition of Dr. Barbara Sturm in January 2024.
Footnotes
[1] Puig portfolio includes brands such as: Rabanne, Carolina Herrera, Charlotte Tilbury, Jean Paul Gaultier, Nina Ricci, Dries Van Noten, Byredo, Penhaligon’s, L’Artisan Parfumeur, Uriage, Apivita, Dr. Barbara Sturm, Kama Ayurveda and Loto del Sur as well as the beauty licenses of Christian Louboutin, Banderas and Adolfo Dominguez, among others.
