Spain’s luxurious and cosmetics group Puig, which owns manufacturers equivalent to Charlotte Tilbury, Nina Ricci, Penhaligon’s, Rabanne and Jean-Paul Gaultier, posted a pointy enhance in income in 2024 because of the dynamism of its gross sales, significantly within the fragrance sector.
The corporate, which went public in early Could, posted a internet revenue of 531 million euros over the yr, 14% greater than the 465 million euros in 2023.
This result’s considerably larger than analysts’ expectations, who have been relying on a median of 492 million euros in internet revenue, in accordance with monetary data supplier Factset.
It was achieved regardless of the bills related to its IPO, which had been valued at 119.7 million euros just a few months prior, primarily attributable to extraordinary bonuses awarded to workers.
“Our rigor and self-discipline enabled us to additional enhance our profitability, even whereas offsetting extraordinary one-off prices,” stated Marc Puig, Chairman and CEO of the corporate, particularly highlighting the group’s robust business efficiency final yr.
Warning for 2025
The cosmetics group reported a turnover of 4.79 billion euros on the finish of January, marking an 11% enhance from 2023. The fragrance and style sector, which accounts for 74% of complete gross sales, noticed a very robust progress of 14%.
Nevertheless, the group anticipates a slowdown in 2025, with income progress projected between 6% and eight%, largely attributable to proposed customs duties from the Trump administration in the US, one in every of its key markets.
The group additionally signifies that it continues to judge potential acquisitions with a extremely selective method, searching for alternatives with a powerful match into its portfolio.
The Catalan magnificence home, based in 1914 in Barcelona by entrepreneur Antonio Puig Castellò, went public on Could 3. Its Chairman and CEO then stated the introduction would enable for the imposition of market “self-discipline” and keep away from the “difficulties” that household corporations face when passing the baton between generations. The group stays 71.7% owned by the Puig household, which additionally retains a big majority of voting rights (92.5%).
