The Spanish fashion and beauty conglomerate Puig announced its exceptional 2023 results, with a record-breaking revenue of €4.3 billion, marking a remarkable 19 percent increase compared to the previous year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) surged by 33 percent to reach €849 million.
The Spanish conglomerate delivered growth across all sectors and regions, particularly in its fragrance and fashion division, which saw a 17 percent increase. This growth was driven by popular products such as Rabanne’s 1 Million fragrance, Carolina Herrera’s Good Girl perfume, as well as the successful launches of Jean Paul Gaultier’s Le Male Elixir and Gaultier Divine.
In the makeup sector, sales rose by 23 percent to €773 million, attributed to the success of Charlotte Tilbury, acquired by Puig in 2020. Skincare also witnessed significant growth, fueled by the popularity of Charlotte Tilbury’s Water Cream and products from dermatology brands Uriage and Apivita, making it the company’s fastest-growing segment.
In 2023, Puig reported a net profit of 465 million euros, marking a 16 percent increase on a like-for-like basis. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) reached 849 million euros, representing a notable 33 percent rise compared to 2022. This translated to an EBITDA margin of 20 percent.
In March 2021, Puig unveiled a three-year plan aimed at achieving sales of 3 billion euros in 2023 and 4.5 billion euros in 2025. However, the company exceeded its targets due to robust growth over the past three years. Puig doubled its net sales from 2020 a year earlier than planned and nearly tripled its sales two years ahead of schedule.
Puig experienced its most rapid growth in the Asia-Pacific region, where sales surged by 26 percent to reach 439 million euros. China, being a key focus and the largest Asian market for Puig, witnessed a notable 27 percent increase in sales last year. This growth was driven by the popularity of Puig’s major brand, Charlotte Tilbury, and its fastest-growing niche label, Byredo, in the region.
Meanwhile, sales in the Europe, Middle East, and Africa (EMEA) zone saw a solid 18 percent increase, reaching 2.32 billion euros. Particularly in Spain, which accounts for 7 percent of the company’s total sales, Puig observed significant growth.
“We have achieved these strong results thanks to our strategy of building up a portfolio of owned brands, focusing on prestige products, and expanding our leadership in niche fragrances and makeup,” said Marc Puig, chairman and chief executive officer of Puig.
