Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Puig Sales Rose 19% to €4.3 billion in 2023

The Spanish conglomerate is on track to hit its goal of €4.5 billion in annual sales by 2025 ahead of schedule.
A collection of makeup products
The Spanish conglomerate's fragrance and fashion division grew by 17 percent thanks to top sellers like Rabanne’s 1 Million fragrance. (Puig)

The Spanish conglomerate is on track to hit its goal of €4.5 billion in annual sales by 2025 ahead of schedule.

Puig, announced record 2023 results of €4.3 billion ($4.68 billion), a 19 percent increase year-over-year. Earnings before interest, taxes, depreciation, and amortisation rose 33 percent to €849 million ($925 million).

The Spanish conglomerate saw growth across all sectors and regions, with its fragrance and fashion division growing by 17 percent, including top sellers Rabanne’s 1 Million fragrance, Carolina Herrera’s Good Girl perfume and the launches of Jean Paul Gaultier’s Le Male Elixir and Gaultier Divine.

Makeup sales rose 23 percent to €773 million ($842 million), thanks to the success of Charlotte Tilbury, which the company purchased in 2020. Skincare, boosted by Charlotte Tilbury’s hit Water Cream and products from dermatology brands Uriage and Apivita, was the company’s fastest growing segment.

ADVERTISEMENT

Unlike competitors Estée Lauder Companies and Shiseido, which saw sales slumps due to poor performance in China, Puig reported growth of 26 percent to €439 million ($478 million) for the year in the Asia-Pacific region. Driven by the popularity of Charlotte Tilbury and Byredo, Puig’s China sales increased 27 percent in 2023.

”We have achieved these strong results thanks to our strategy of building up a portfolio of owned brands, focusing on prestige products and expanding our leadership in niche fragrances and makeup,” said Marc Puig, chief executive and chairman of Puig in a statement.

Learn more:

Luxury Brands Might Want to Think Twice About Buying Back Their Beauty Lines

In search of greater ownership – both of image and revenues – more fashion houses are wresting back control of their beauty licences. But running a beauty business can stretch otherwise well-resourced, powerful companies beyond their capabilities.

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Beauty
Analysis and advice on the fast-evolving beauty business.
view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.