Puig's full-year 2023 sales rose 19% to €4.3 billion

Puig met its goal of doubling 2020 net revenue one year ahead of schedule and nearly tripled its goal two years ahead of schedule. Net profit increased to 465 million euros in 2023, an increase of 16% over the previous year.

Net revenue in the Fragrance and Fashion segment was 3.115 billion euros, compared with 2.672 billion euros in the previous year. Rabanne becomes the first Puig brand to achieve net revenue of over €1 billion, while Jean Paul Gaultier becomes the fastest growing brand in the Puig portfolio. Puig continues to expand its market share, reaching 11% of the global select distribution fragrance business, a major milestone in its history.

The cosmetics division's net income was €773 million, compared with €626 million in the previous year. The success of Charlotte Tilbury continues to drive momentum in this segment. The launch of the Rabanne makeup range is boosting the brand's appeal to new and diverse audiences.

Net revenue in the Skin Care segment was €431 million, compared with €329 million in the previous year. This growth was again driven in part by the success of Charlotte Tilbury's lead product, Magic Cream. Growth was further fueled by sales of scientific dermatology products from Uriage and Apivita, which have increased investment in innovation and technology over the past two years to continue developing scientific and environmentally friendly dermatology products. Consolidating full-year results from 2022 acquisitions Loto del Sur and Kama Ayurveda is key to strong double-digit growth in 2023. This division was strengthened with the acquisition of Dr. Barbara Sturm in January 2024.

Marc Puig, chairman and chief executive officer of Puig, said the company's strong performance was driven by its strategy of building a portfolio of private brands, focusing on high-end products and expanding its leadership in niche fragrances and cosmetics. Due to the strength and demand of the company's diverse product portfolio, it has strengthened its position in the core regions of Europe and the Americas, while continuing to invest in markets with high growth potential for its own brands.

Puig begins 2024 with positive momentum, including strengthening the foothold in premium skin care through the acquisition of Dr. Barbara Sturm. The company also celebrated the inauguration of a new building in Barcelona, in the presence of the King and Queen of Spain, and a new office in New York, demonstrating Puig's continued investment in the business and presence in key countries.