This article has been updated with full year 2024 figures.
2024 was a big year for Spanish conglomerate Puig, which went public on the European stock exchange in May and completed the acquisition of the Dr Barbara Sturm brand in January. After a rocky start on the public market, the company reported a strong finish to the year. Revenues for 2024 rose 10.9 per cent to €4.7 billion on a like-for-like basis, while fourth-quarter revenues were up 14.3 per cent to €1.36 billion.
“2024 was a historic year for Puig, in which we celebrated our 110th anniversary and became a publicly listed company. Once again, we delivered record revenues, driven by the exceptional performance of our core fragrance business and our core geographies, EMEA and the Americas,” said Marc Puig, chairman and CEO of Puig, in a statement.
By category, the fragrance and fashion division (accounting for 73 per cent of Puig s net revenue) — comprising brands including Rabanne, Carolina Herrera and Dries Van Noten — reported a sales increase of 21 per cent in Q4 and 13.6 per cent for the year. Skincare (a portfolio including Dr Barbara Sturm, Charlotte Tilbury Skincare and Uriage eau Thermale and making up 11 per cent of Puig s net revenue) was up 11.7 per cent in Q4 and 19.8 per cent for FY24.
Makeup continues to slump, with sales down 7.2 per cent in the fourth quarter and 1.3 per cent for the full year 2024 – accounting for 16 per cent of total net revenue. “Makeup was muted,” says CEO Puig, who highlighted on the call that the category’s setback was mainly due to a flat Charlotte Tilbury makeup performance, thanks to difficult comps and recovery from a December voluntary withdrawal of the brand’s Flawless Filter Setting Spray, due to select batches’ quality issues.
By region, Europe, Middle East and Africa (EMEA) — which accounts for 55 per cent of Puig’s revenue — rose 13 per cent in the quarter and 12.8 per cent in FY24. The US market performance (up 18.1 per cent in the quarter, UP 11.1 per cent in 2024) was fuelled by fragrance, said Puig.
As for APAC (representing 10 per cent of net revenue in 2024), Puig sales rose 10.2 per cent (in Q4) on a reported basis and increased by 3.7 per cent in 2024 versus 2023. Puig said this was largely due to newly created subsidiaries in Korea, Japan and India, yet China remains subdued.
Will fragrance lose its edge?
Fragrance and fashion continue to be the largest business segment for the conglomerate, contributing 73 per cent of Puig’s net revenue. Puig was bullish about the category’s performance in the last year and highlighted Jean Paul Gaultier as its fastest-growing brand, thanks to buy-in from younger consumers. The brand’s La Male line is a top performer among masculine fragrances. Carolina Herrera’s Good Girl line was another leader in the category. Other standouts included Byredo, which Puig acquired in 2022, and Dries Van Noten.
The group plans to remain heavily invested in its fragrance innovation pipeline for 2025, and the CEO is “very comfortable” with what’s on the way for the new year. However, the CEO is cautious regarding the continued growth acceleration of the category and the global fragrance market as a whole. He said growth percentages are slowing down (when comparing the group’s results alongside its competitors) since the pandemic. Can we predict a scent slowdown on the horizon in 2025? CEO Puig said it s too early to determine.
In closing remarks, Marc Puig concluded, “The desirability and strength of our brands and geographic footprint have enabled us to outperform the premium beauty market as well as our mid-term revenue growth guidance.”
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