Puig Records Significant Sales Growth, Bolstered by the Continued EMEA Success of Its Fragrance Segment
Defying the luxury downturn that has characterized recent reports from its luxury competitors, Puig has announced an 11.1% increase in third-quarter sales in reported terms, powered by its fragrance and fashion activities and the EMEA market. The company, which includes brands such as Rabanne, Carolina Herrera, and Jean Paul Gaultier in its portfolio, reported sales reaching 1.26 billion euros for the quarter ending June 30.
Marc Puig, Puig’s CEO and chairman, noted, “Puig delivered double-digit revenue growth in the third quarter amid a complex operating environment for the sector. This result highlights the health and resilience of our core business — particularly fragrances — which saw an acceleration in the third quarter and continues to outperform the premium beauty market.” He made this statement after the market closed.
Puig highlighted the diverse products and geography of the company and credited them along with brand strength and targeted investments for delivering solid revenue and profit growth across the firm. He further added, “With net revenue up 9.6 percent like-for-like in the first nine months of the year, we remain confident in our ability to outperform the premium beauty market, achieving our medium-term guidance.”
During this period, Puig’s sales reached 3.43 billion euros, marking an increase of 10.1% on a reported basis and 8.8% on a constant perimeter basis. The company cited contributions from all its business segments and geographies towards these gains.
Details of the period reveal that Puig’s largest segment, fragrance and fashion activity, generated 2.53 billion euros in sales, marking a 10.9% rise in both reported and constant terms. Makeup sales saw a growth of 1.4% to 535 million euros, while skincare sales jumped 22.9% on a reported basis and 9.4% organically to 381.5 million euros.
Among all the regions, Puig’s largest and fastest-growing was the EMEA region. It reported sales of 1.83 billion euros, indicating a growth of 12.7% in reported terms and 11.3% on a like-for-like basis.