Family-owned global premium beauty and fashion house Puig posted a +9.6% year-on-year increase (reported, +8.5% like-for-like) in net revenues to €2.2 billion (US$2.4 billion) for the first half of 2024.
Puig outperformed the premium beauty market delivering adjusted EBITDA of €410 million (US$453 million), up +7.4% year-on-year with an adjusted EBITDA margin of +18.9%.
Net profit rose to €238 million (US$263 million), a +4.8% increase.
Growth was driven by the continued premiumisation of the portfolio, growing market share in EMEA and Americas, and an increased diversification into skincare with the incorporation of Dr. Barbara Sturm.
Listed on the Spanish Stock Exchanges on 3 May, the company holds an 11.3% global value market share in selective fragrances, representing a 60bps improvement on 2023.
Puig Chairman and CEO Marc Puig commented: “We are particularly pleased with our performance across our core geographies despite a challenging economic environment marked by geopolitical tensions.
“Our continued focus on the premium beauty sector as well as the strength and desirability of our brands alongside disciplined financial execution have ensured that our profitability remains compelling.
“While our fragrances and fashion businesses remain our largest segment, we further diversified into skincare – our fastest-growing business segment – during the first half, with a strong organic growth component and a strategic brand acquisition.
“The strength of these results continues to demonstrate the success of our strategic choices and gives us the confidence to maintain the medium-term guidance we provided at our IPO in May this year.”
Strong results across all categories
Puig’s fragrances and fashion business remains the largest and most profitable business segment, growing +10.7% and generating €1.6 billion of net revenues in H1 2024, representing 73% of total sales for the period.
Jean Paul Gaultier had a stellar performance owing to its established market position and commitment to product innovation with the successful launches of La Belle, Le Beau and Scandal Absolu. The renowned brand joined Carolina Herrera and Rabanne in the top ten ranking fragrances worldwide.
Charlotte Tilbury launched its first fragrance collection, becoming a triple-axis brand.
In H1 2024, Puig continued to develop its niche fragrance portfolio with a series of launches from Penhaligon’s, Byredo, Dries Van Noten and L’Artisan Parfumeur.
Skincare revenues reached €256 million (US$283 million), a +25.2% increase on a reported basis (+11.6% on a constant perimeter basis).
Skincare now makes up 12% of Puig’s net revenues. Growth has been achieved across categories, driven partly by the success of dermo-cosmetics brand Uriage, which experienced double-digit growth; and prestige brand Charlotte Tilbury, which introduced innovative new product offerings. The acquisition of Niche brand Dr, Barbara Sturm in January 2024 bolstered momentum in the skincare business.
Puig’s makeup business contributed 15% to total sales in H1 2024. With recorded revenues of €334 million (US$369 million), the segment declined -1.8% compared to H1 2023.
Charlotte Tilbury was the largest contributor to the segment, becoming the number two makeup brand in the USA and maintaining the number one position in the UK.
Geographic analysis
EMEA remains the largest market and accounts for 53% of Puig’s overall revenues. Driven by successful product launches, the region achieved growth of +12.1% compared to H1 2023.
Puig continues to invest in Europe and enhance its presence with the opening of the Puig Tower in Barcelona and an expansion of the London offices. Both investments have strengthened Puig’s operational capabilities in the region to capitalise on regional growth opportunities.
The Americas represent 37% of Puig’s total revenues and recorded +8.6% growth in H1 2024 compared to the same period last year. Fragrances, fashion and skincare drive the success in the region with the company continuing to build on its leadership position in fragrance in Latin America.
Puig’s focus on expanding its footprint in the Americas was underlined by the opening of US offices in the Rockefeller Centre, New York.
The APAC region contributed 9% to overall revenues and continues to be a strategic focus for Puig despite a challenging market environment. The company’s niche fragrance business gained market share in the region delivering a mildly positive growth of +0.7%.
The establishment of new subsidiaries in Japan, South Korea and India underscores Puig’s long-term commitment to the region, positioning the company for future growth, the company
ESG commitments
Puig continues to implement its 2030 ESG roadmap with a focus on sustainability and responsible business practices. The company’s net-zero target, approved by the Science Based Targets initiative, reflects its commitment to significantly reduce greenhouse gas emissions by -90% by 2050.
It improved its Sustainalytics ESG risk rating to 20.7, ranking ninth out of 105 companies in the industry, a 42-place improvement on 2022.
These achievements underscore Puig’s commitment to investing in sustainable practices. ✈
