Puig skincare booms, company results up 9.6% in H1 2024

Puig reported net revenues of €2,171 million in H1 2024, up 9.6% (reported), with a gross margin of 75.8%.

Notably, the company improved its share in the selective fragrances segment by 60 basis points to 11.3%; total revenues in the segment were around €1.6 billion.

But it was skincare that really stood out, up 25.2% to a total of €256 million. Highlights included Uriage, which benefited from the cosmeceutical boom, and Dr. Barbara Sturm, a brand recently acquired by Puig.

Meanwhile, the makeup business was weak, down 1.8%. Nonetheless, the division had total revenues of €334 million, higher than skincare. Charlotte Tilbury was the division’s best performing brand, while Louboutin underperformed due to its presence in China.

In an effort to reverse the cosmetics industry's decline, Puig is working to launch cosmetics related to some of the top perfume brands such as Rabanne.