Puig boosts profits by 14 percent, closes first year as listed company on a high

Business

Marc Puig, president of Puig. Credits: Puig.

Spanish multinational Puig, the parent company of Rabanne, Caroline Herrera and Jean Paul Gaultier, has reported its annual results for the 2024 fiscal year, the first it has completed as a listed company.

The report largely confirms interim results shared by Puig earlier in January, in which it stated that its total net sales reached 4.79 billion euros at the close of the year. This represents a record turnover for the 110-year-old group, as it increased 11.29 percent on the 4.3 billion euros it posted last year.

Puig further generated a net profit of 530 million euros, an increase of 14 percent compared to 465.2 million euros recorded in 2023, and a 134.8 percent uptick on the 226 million euros seen at the end of 2019.

“2024 was a year of transformation for Puig, in which we celebrated our 110th anniversary as a family business and became a listed company,” Marc Puig, executive president of Puig, said in a release. With these results in hand, he claimed the company had “fulfilled the commitments established at the IPO, with net income of 4.79 billion euros that exceed the results of the 'premium' beauty market, and achieving strong profitability thanks to the continuous rise of our brands”.

In regards to profit, Puig added that “our rigour and discipline have allowed us to further improve our profitability, even offsetting extraordinary non-recurring costs, such as the award given to all Puig employees during the IPO in recognition of their contribution over the years”. From here, and looking ahead to the new year and beyond, “by reducing our net debt and strengthening our financial position, we are well positioned for future growth.”

Performance by business areas and markets

By business area, with the exception of the “Make-up” segment, where turnover fell to 763 million euros (-1.3 percent year-on-year), the company’s other divisions continued to grow, with “Fragrance and Fashion” sales increasing to 3.538 billion euros (+13.6 percent), and “Skin Care” products up to 516.2 million euros (+19.8 percent).

Meanwhile, by market, EMEA remains the company's main source of revenue, with sales of 2.62 billion euros (+12.8 percent); followed by the Americas, with sales of 1.714 billion euros (+11.1 percent); and finally, sales in the Asia-Pacific region, of 455.1 million euros (+3.7 percent).

Outlook for 2025

Looking ahead to the new fiscal year 2025, Puig maintains its outlook of closing the year again with a performance “higher than that of the premium beauty market”, which it estimates will translate into comparable revenue growth of between +6 and +8 percent. In terms of profitability, it continues to estimate a “potential increase” in its adjusted EBITDA margin for the medium term of 2025, in line with that experienced in 2024, even assuming the implementation of tariffs in the US.

With this expected improvement in its profitability, Puig anticipates that it will continue to have room to continue making investments in its brands, thus fueling its constant growth.

This article originally appeared on FashionUnited.ES. It was translated to English using AI.

Beauty

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