Spanish beauty and fashion conglomerate, Puig, has announced impressive financial results for 2021, exceeding its pre-pandemic turnover and revisiting its goals for the future. The company achieved a remarkable 68% growth in sales, reaching 2585 million euros compared to the previous year’s 1537 million euros. This growth also represents a significant 27% increase compared to 2019 revenues, indicating that Puig has successfully overcome the temporary impacts of the pandemic.

The increase in sales has also resulted in improved business profitability for Puig. In 2021, the company recorded a staggering 357% increase in Ebitda, amounting to €425 million, equivalent to 16.4% of its net revenues. Pre-tax profit stood at 365 million euros, representing 14.1% of net revenues, a significant improvement from the -72 million euros recorded in 2020. Moreover, net income rose from -70 to 234 million euros last year.

Puig attributes this impressive growth to the incorporation of the Derma division and Charlotte Tilbury. The fashion and fragrance division experienced a substantial 41% increase in turnover, reaching 1,898 million euros, which accounts for 73% of the group’s net sales. The recovery of the fashion and fragrance categories in the EMEA region, along with remarkable growth in fragrance sales in the American market, contributed to these outstanding results. Notably, Carolina Herrera’s Good Girl fragrance performed exceptionally well.

Within the beauty division, sales grew by 58% to 413 million euros, accounting for 19% of global turnover. The acquisition of British cosmetics brand Charlotte Tilbury by Puig in 2020 played a significant role in driving growth in this division. The dermocosmetics division, which encompasses Uriage, Apivita, and Charlotte Tilbury, witnessed an 18% increase in turnover, amounting to 274 million euros.

In terms of geographic markets, the United States emerged as Puig’s largest market, experiencing an impressive 104% growth in sales. The EMEA region, which contributes to 58% of Puig’s revenues, saw a notable 60% increase in sales. China also demonstrated significant growth with sales tripling compared to 2020. However, the travel retail channel faced challenges due to travel restrictions, while the online business accounted for 28% of total revenues.

Looking ahead, Puig aims to sustain the positive momentum witnessed at the end of 2021. The company has set its sights on achieving revenues of 3 billion euros in 2022, surpassing its initial target. Puig also aims to triple its net revenues compared to those recorded in 2020. To achieve these ambitious goals, the company plans to focus on growing its digital business, expanding in Asia (particularly in China), diversifying its beauty and dermocosmetics categories, and capitalizing on the recovery of the travel retail channel.

In conclusion, Puig’s financial results for 2021 have surpassed expectations, demonstrating the group’s resilience and adaptability in the face of challenges. With a strong emphasis on growth and strategic initiatives, Puig is well-positioned to achieve its ambitious goals for the future.

Useful links:
1. Puig Official Website
2. Carolina Herrera Official Website