Puig, the Spanish fragrance, beauty, and fashion group, achieved a remarkable 40% increase in annual revenues in 2022, reaching €3.620 billion. This outstanding growth is a testament to the company’s ability to navigate the challenges brought on by the pandemic. Puig owns and operates five well-known fashion houses, including Jean-Paul Gaultier, Carolina Herrera, Dries Van Noten, Nina Ricci, and Paco Rabanne, and has set ambitious goals for the future, aiming to achieve an annual turnover of €4.5 billion by 2025.

Puig attributes its strong performance to its success in the selective distribution fragrance category, which has led to a global market share of 10% for its own brands, a historic achievement for the company. The group’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 37% to €638 million, while net profit rose by 71% to €400 million compared to the previous fiscal year. Puig is proud to have achieved these impressive results despite the complex geopolitical environment, inflation, and rising interest rates.

Perfumes and fashion were the main drivers of Puig’s growth, accounting for 74% of the company’s turnover, approximately €2.665 billion. Although specific figures for fashion sales are not disclosed, industry insiders estimate it to be over €250 million. Historically, Puig has primarily used its fashion brands for advertising its fragrances, but there has been a noticeable shift within the group. Brands like Dries Van Noten, Paco Rabanne, and Carolina Herrera, especially through its CH diffusion collection, have established significant fashion businesses.

In addition to its fashion brands, Puig also controls or holds long-term licenses for renowned fragrance and beauty businesses such as Charlotte Tilbury, L’Artisan Parfumeur, Penhaligon’s, Christian Louboutin, Comme des Garçons, Antonio Banderas, and Adolfo Dominguez. The company recently expanded its brand portfolio through the acquisition of a majority stake in Swedish luxury company Byredo and the inclusion of wellness brands Kama Ayurveda and Loto del Sur.

Geographically, Puig experienced the highest sales growth in the Americas, with a 56% increase to €1.132 billion. The opening of a strategic bureau in Miami played a role in this success. Europe and the Middle East remained Puig’s most significant market, generating €1.959 billion in sales, a 31% increase. Asia accounted for the remaining turnover, with sales of €349 million, rising by 41%.

The total sales of beauty products surged by 52% to €626 million, driven by the strong performance of Charlotte Tilbury. Facial care sales also experienced a notable increase of 20% to €328 million. Puig proudly announced that Charlotte Tilbury became the UK’s number one makeup brand and expanded its iconic Pillow Talk color range in 2022.

Lastly, Puig highlighted its commitment to environmental, social, and governance (ESG) issues. In 2022, the company received the Gold Medal certification from EcoVadis and an A-score in the Climate Change category from the CDP. The Apivita brand also successfully renewed its BCorp certification, achieving one of the highest scores in the industry.

Puig’s extraordinary growth in 2022 demonstrates the company’s ability to adapt and thrive in challenging times. With its diverse portfolio of fragrance, beauty, and fashion brands, along with its commitment to sustainability, Puig is well-positioned for continued success in the global market.

Useful links:
Puig Official Website
Puig Sustainability Initiatives