Puig said like-for-like sales fell 32 percent last year and reported a net loss of €70 million ($84 million). The Spanish perfume and fashion group, whose brands include Paco Rabanne, Nina Ricci, and Dries Van Noten, says it now aims to double its overall revenues of €1.5 billion by 2023, and triple them by 2025.
Plans to ramp up business in e-commerce and in Asia could help support the plan, as well as a recent acquisition, the British makeup and skincare brand Charlotte Tilbury. Closely-held Puig has been slow to develop in colour cosmetics and skincare even as those categories boomed in key Asian markets, instead focusing on its traditional core business of fragrance.
The move to acquire Tilbury came after losing one of its most famous assets, a license to produce perfume and beauty under the Prada name which transferred to L’Oréal this year.