Puig Reports Strong 2024 Performance with Fragrance Leading Growth

Spanish beauty giant Puig has announced robust financial results for 2024, posting net revenue of €4.79 billion ($4.98 billion). This marks a 10.9% like-for-like sales increase from the previous year. The company's performance was particularly strong in the fourth quarter, with revenue reaching €1.36 billion ($1.41 billion), up 14.3% compared to Q4 2023.

Marc Puig, chairman and CEO, highlighted the significance of 2024. "2024 was a historic year for Puig, in which we celebrated our 110th anniversary and became a publicly listed company. Once again, we delivered record revenues, driven by the exceptional performance of our core fragrance business."

The company's Fragrance and Fashion segment, which includes notable brands like Jean Paul Gaultier and Nina Ricci, emerged as the primary growth driver, showing a 13.6% increase and accounting for 73% of total revenue. The skin care division also demonstrated strong performance, generating €516 million ($537 million) in net revenue for the year, a 19.8% increase.

However, not all segments saw positive results. The makeup division experienced a decline, with revenues falling 7.2% in Q4 2024 and 1.3% across the full year. This downturn was marked by a voluntary global recall of select batches of the Charlotte Tilbury Airbrush Flawless Setting Spray in December. Despite these challenges, Puig expressed continued confidence in the Charlotte Tilbury brand's long-term prospects.

Notable achievements in the fragrance category include Jean Paul Gaultier Le Male's rise to become the world's third-ranking fragrance line, with particular popularity among teen boys. Additionally, Carolina Herrera Good Girl has secured the position of top female-targeted fragrance in the U.S. market.

Puig's recent strategic moves include several significant acquisitions. In January 2024, the company acquired a majority stake in luxury skin-care brand Dr. Barbara Sturm, following earlier acquisitions such as a minority stake in Charlotte Tilbury in 2020 (with plans for full ownership by 2031) and a majority stake in Byredo in 2022, reportedly valued at €1 billion.

Looking ahead, the company has noted potential moderation in fragrance market growth.