Four consecutive years of record results at Puig: profits exceed €530 million

BarcelonaPuig's first annual results as a new Catalan company listed on the Ibex 35 The fragrance and fashion company achieved profits of 531 million euros in 2024, 14.1% more than the previous year, as reported this Thursday in a statement sent to the National Securities Market Commission (CNMV). In that same year, during which it completed the jump to the stock market in May, recorded sales of 4.79 billion euros, 11.3% more. Meanwhile, its operating profit (Ebitda) increased by 12.3% to 969 million. "This puts us above the high single-digit growth that we announced during the IPO," recalled the company's executive president, Marc Puig, during a call with journalists to assess the accounts. The group has boasted of growing at a rate above the average of the premium beauty sector.

It is the Puig has posted record results for the fourth consecutive year. After from a small shudder due to the pandemic, the multinational has been outperforming each year in profits and turnover. The group has explained that it achieved a record market share of 11.5% worldwide and that it gained ground in all its markets except Latin America. It has also highlighted that three of the top ten positions in the world ranking of fragrances are for its brands; and that Good Girl by Carolina Herrera was the number 1 women's perfume line in the world. Likewise, Jean-Paul Gaultier –its fastest-growing brand– entered the top 10 brands for the first time in history and its fragrance Le Male was number 3 among the best-selling men's fragrances, behind One Million by Rabanne, also by Puig.

Perfumes and fashion are its main business segment and generated sales of 3,538 million euros and 73% of total revenue, 13.6% more than the previous year. In contrast, the makeup sector decreased by 1.3% compared to 2023, with a turnover of 763 million euros. Puig's flagship brand in this area is Charlotte Tilbury – which it acquired in 2021. "Despite the lower evolution in revenue", it maintained the first position among the prestigious makeup brands in the United Kingdom and the third in the United States. Finally, skin care generated sales of 516 million, an increase of 19.8%.

Share performance

The CEO, Marc Puig, has argued that these "historic results" come in a difficult year for the sector. Puig shares closed yesterday's session - before the balance sheet was released - with a minimum rise of 0.003% to stand at 19.1 euros per share and have accumulated a drop of nearly 28.7% since their debut on the stock exchanges. "There has been a drop, but we have more than fulfilled the commitments we made with the IPO. We feel that we have done our job," said the businessman. In this sense, he has argued that the sector as a whole has suffered a decline that has also had an effect on competition: "We are not immune to this evolution."

During the past year, Puig's net debt was reduced by 442 million euros to 1,068, which according to the company "reflects strong financial discipline and a permanent focus on sustainable growth." "By reducing our net debt and strengthening our financial position, we are well positioned for future growth," added Marc Puig.