Yesterday, in its third-quarter financial report, Puig, the Spanish beauty and fashion company, reported 1.26 billion euros, up 11.1% on a reported basis in Q3 with strong contributions from Puig’s fragrance, fashion sectors, and the EMEA region. This growth prompted Marc Puig, Chairman and CEO, to express satisfaction with the quarter’s acceleration over the first half of 2024, positioning the company for a robust year-end.
For the first nine months of 2024, Puig reported total sales of 3.43 billion euros, marking a 10.1% increase on a reported basis and 9.6% in like-for-like terms.
Puig’s makeup segment returned to growth, up 1.4% in both reported and constant terms with 535 million euros. Strong growth was noted in EMEA and improved performance in the Americas, while the Asia-Pacific region continued to show softness.The segment is set for slower growth in the fourth quarter due to increased competition from the introduction of Charlotte Tilbury products in Ulta.
Skin care sales also showed strength, climbing 22.9% to 381 million euros on a reported basis, with contributions from Dr. Barbara Sturm, a recent acquisition.
Specific to regions. EMEA led the performance, where sales rose by 12.7% on a reported basis, totaling 1.83 billion euros. The Americas followed with sales of 1.29 billion euros, up 9% reported and 7.5% organically, despite currency impacts in Latin America. Asia-Pacific, where Puig has a smaller footprint with 308 million euros and 0.8% increase, saw modest gains with strategic investments continuing in China, Japan, India, and South Korea.
Looking forward, Puig remains optimistic about achieving its 2024 financial targets, buoyed by a balanced portfolio across brands and market segments that mitigates varying market dynamics.
