Puig Full-year 2023 Sales Increase 19% to €4.3B

Puig full-year 2023 sales increased 19% to €4.3 billion.

Puig has achieved its objective of doubling 2020 net revenues one year ahead of schedule and nearly tripled them two years ahead of schedule. 

Net profit rose to €465 million euros, up 16% compared to the previous year. 

Fragrances & Fashion Segment

Net revenue in the fragrances and fashion segment was €3.115 billion, as compared to €2.672 billion in the previous year. 

Rabanne became the first Puig brand to exceed net revenues of €1 billion, while Jean Paul Gaultier became the fastest growing brand in the Puig portfolio.

Puig continued to gain market share, reaching 11% in the selective distribution fragrance business worldwide, marking a key milestone in its history. 

Makeup Segment

Net revenue in the makeup segment was €773 million, as compared to €626 million in the previous year.

Momentum in this segment continued to be driven by the success of Charlotte Tilbury.

The launch of Rabanne's makeup line is advancing the brand’s appeal with new and diverse audiences.  

Skin Care Segment

Net revenue in the skin care segment was €431 million, as compared to €329 million in the previous year.

This increase was once again partly driven by the success of Charlotte Tilbury’s leading product Magic Cream.

Growth was further fueled by sales of science-based dermatology products from Uriage and Apivita, who have increased their investments in innovation and technology over the past two years to continue developing scientific and environmentally friendly dermatology products.

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 reinforced with the acquisition of Dr. Barbara Sturm in January 2024.  

Marc Puig, chairman and CEO of Puig, said, “We have achieved these strong results thanks to our strategy of building up a portfolio of owned brands, focusing on prestige products and expanding our leadership in niche fragrances and makeup. 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. We have kicked off 2024 with positive momentum, including the strengthening of our foothold in premium skincare with the acquisition of Dr. Barbara Sturm. We also celebrated the inauguration of our new building in Barcelona, in the presence of the King and Queen of Spain, and new offices in New York, which are a testament to our continued investment in Puig’s operations and presence in key countries”