Puig achieved a significant milestone in 2023 by surpassing the 4 billion-euro sales threshold.
The family-owned Spanish company reported net sales of 4.3 billion euros in the 12 months leading up to December 31st, marking a notable 19 percent increase in both reported and like-for-like terms. This remarkable growth was fueled by all segments and regions, which registered double-digit sales expansion.
Despite facing headwinds from challenging economic and geopolitical landscapes, Puig outpaced the beauty market, estimated to have grown by 8-plus percent the previous year.
Marc Puig, chairman and chief executive officer of Puig, attributed these strong results to the company’s strategic focus on building a portfolio of owned brands, emphasizing prestige products, and enhancing leadership in niche fragrances and makeup. Puig stated, “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.”
The strong showing in 2023 was attributed to a culmination of efforts spanning the past 15 years, such as integrating dermocosmetics and emphasizing storytelling. Company-owned brands generated 95 percent of the group’s overall sales.
In 2023, Puig’s net profits rose to 465 million euros, marking a 16 percent increase on a like-for-like basis. Earnings before interest, taxes, depreciation, and amortization (EBITDA) surged to 849 million euros, a remarkable 33 percent rise compared to 2022, equating to an EBITDA margin of 20 percent.
Puig, which had presented a three-year plan in March 2021 aiming for sales of 3 billion euros in 2023 and 4.5 billion euros in 2025, surpassed its targets ahead of schedule due to robust growth over the past three years.
At the close of 2023, Puig’s net debt amounted to 1.2 billion euros.
The group’s fragrances and fashion activity combined reached 3.12 billion euros in sales, up 17 percent, driven by its own brands’ business. Fragrances remained a cornerstone, with Rabanne becoming the first Puig brand to surpass the 1 billion-euro net sales mark. Jean Paul Gaultier emerged as the fastest-growing brand.
Puig noted strong momentum at Dries Van Noten and Byredo, despite retail sales slowdowns in Asia. The fashion activity saw double-digit gains, with notable events including Carolina Herrera’s first resort show in Rio de Janeiro and Harris Reed joining Nina Ricci as creative director.
Makeup sales reached 773 million euros, up 23 percent, driven by Charlotte Tilbury’s strong performance. Skin care surpassed makeup as the category with the fastest growth, advancing 31 percent to 431 million euros.
Geographically, Puig experienced rapid growth in Asia Pacific, with sales increasing by 26 percent to 439 million euros. Sales in Europe, the Middle East, and Africa rose by 18 percent to 2.32 billion euros, while sales in the Americas reached 1.54 billion euros, gaining 18 percent, with significant contributions from the U.S., Brazil, and Mexico.
