Today, Puig Group released its financial report for the first half of 2024, showing strong performance with net net revenue reaching €2.2 billion. Compared to the same period in 2023, reported net revenue grew by 9.6%, with like-for-like growth of 8.5%.
The company confirmed the mid-term guidance shared during its IPO meeting, including single-digit net revenue growth ahead of the high-end beauty market and stable adjusted EBITDA margin expectations for 2024 compared to 2023. Chairman and CEO Marc Puig emphasized the company’s strong performance, with sales growth of 9.6%, surpassing the high-end beauty market. Through strong organic growth and strategic acquisitions, Puig continues to diversify into skincare, the fastest-growing business segment.
Fragrances and fashion remain Puig’s largest and most profitable segment, generating €1.599 billion in net revenue (a 10.7% increase), accounting for 73% of total sales. This growth was driven by the ongoing success of the “Prestige” product portfolio and new product launches, solidifying Puig’s global market share, particularly in North America and Europe.
Jean Paul Gaultier was a standout performer, driven by innovative launches such as La Belle, LeBeau, and Scandal Absolu. The brand, along with Carolina Herrera, entered the top 10 global fragrance rankings. Carolina Herrera’s “Good Girl” ranked second globally among women’s fragrances.
Skincare remains Puig’s fastest-growing business segment, with net revenue reaching €256 million, a 25.2% increase in reported terms (11.6% at constant currency). This segment accounts for 12% of the company’s total sales, highlighting its growing importance within Puig’s portfolio. The skincare business saw growth across all categories, including the dermo-cosmetic brand Uriage (which experienced strong double-digit growth) and the premium brand Charlotte Tilbury, which introduced innovative products in its expanding skincare range.
Following the acquisition of Dr. Barbara Sturm in the first quarter of 2024, the skincare division’s momentum was further boosted by the addition of a new brand to the skincare portfolio. This brand’s diverse, exclusive skincare products have been well-received by consumers across different regions. The acquisition demonstrates the growth potential of the skincare division and reinforces Puig’s commitment to building and expanding a comprehensive, diverse skincare portfolio, covering DermoCosmetics, Prestige, Niche, and Skincare Wellness.
The makeup division saw a slight decline, with net revenue dropping by 1.8% to €334 million. Charlotte Tilbury remained a key contributor, holding its position as the second-largest makeup brand in the U.S. and the top brand in the U.K., despite challenges in the Asian market.
Regionally, Europe, the Middle East, and Africa (EMEA) remain Puig’s largest market, with net net revenue of €1.154 billion, accounting for 53% of total income. Driven by strong demand for Puig’s brands and successful new product launches, the region achieved a reported growth rate of 12.1% and a constant currency growth rate of 10.5%.
Strategic investments in the region, such as the opening of Puig Tower in Barcelona (which includes an innovation center) and the expansion of the London office, have further strengthened Puig’s operational capabilities in the EMEA region. These efforts are part of Puig’s commitment to enhancing its presence in the region and preparing to seize growth opportunities.
In the Americas, Puig reported strong net net revenue growth, reaching €814 million, with an 8.6% increase in reported terms and 7.0% in constant currency. The U.S. market performed exceptionally well, with double-digit growth driven by the success of its fragrance, fashion, and skincare divisions. The company also continued to solidify its leadership in the Latin American fragrance market, although growth slowed in the first half due to currency fluctuations, particularly in Argentina. Puig stated that it will continue to focus on expanding its footprint in the Americas.
In the Asia-Pacific region, although net revenue contribution was smaller at €204 million, it remains a strategic focus for Puig. The region faced challenging market conditions, especially in China, where economic factors impacted consumer spending. Despite this, Puig’s niche business gained more market share, achieving modest positive growth of 0.7% in both reported and constant currency terms.
The establishment of new subsidiaries in Japan, South Korea, and India reflects Puig’s long-term commitment to the region, laying the foundation for future growth once economic conditions stabilize.
