Puig closes first year as listed company with record sales of 4.8 billion euros

Business

Ceremony of the ‘ringing of the bell’ with which Puig celebrated its flotation on the Barcelona Stock Exchange on 3 May 2024. Credits: BME.

Puig, the parent company of Rabanne, Jean Paul Gaultier and Nina Ricci, has reported its sales results for the full fiscal year 2024, the first of which the Spanish multinational completed as a listed company, after its debut on the stock market on May 3. For the period, the fashion and perfume group posted a new historical turnover record, achieving total sales of 4.79 billion euros.

This figure, as provided in a report from management shared on January 30, represents an increase of 11.29 percent on the turnover of the previous year, when the company reported sales of 4.3 billion euros. When compared to figures in 2019, the last year prior to the beginning of the pandemic, this was a 129.18 percent uptick in turnover.

Over 2024, quarterly sales showed a positive trend, demonstrating the solidity of Puig’s business model, opposing the tensions that have been impacting its shares since a 26 percent drop in profits was reported at the close of the first half of this fiscal year.

In the release, chief executive officer Marc Puig called 2024 a “historic year” for the company, which celebrated its 110th anniversary. He stated that the record sales were “driven by the exceptional results of our core fragrance business and by our main geographies, EMEA and the Americas”.

Puig also noted that the group was continuing to develop its makeup and skincare segments, for which it achieved notable milestones in 2024, such as with the acquisition of Dr. Barbara Sturm and the expansion of a strategic partnership with Charlotte Tilbury. This combination of strategic actions, added to the “attractiveness and strength of our brands” and “our diversified geographic presence”, concluded Puig, “has allowed us to exceed the results of the premium beauty market, as well as our forecasts for medium-term revenue growth”.

This was reflected in the results of its ‘Fragrances and Fashion’ division, for which turnover for the fourth quarter of the year soared 21 percent to one billion euros, while annual sales came to 3.6 billion euros, up 13.6 percent. ‘Makeup’, however, saw a drop in fourth quarter sales of 7.2 percent, attributed to the withdrawal of a Charlotte Tilbury setting spray in December, due to quality concerns. The category closed the year with sales of 763 million euros, a decline of 1.3 percent.

Looking ahead to the 2025 financial year, Puig has for now withheld details of its new guidance for the period, noting that management will analyse and share perspectives in a coinciding presentation on February 27, 2025, when it will also provide its complete financial results for FY24. On this date, the company is planning to outline the development of its strategies for the new year, while further presenting a view into the medium term.

This article originally appeared on FashionUnited.ES. It was translated to English using AI and edited by Rachel Douglass.

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