Puig records strong revenue and profit growth

Puig closed 2023 with net revenues of 4,304 million euros, an increase of 19 percent. The company also reported a 19 percent growth on comparable perimeter and at constant exchange rates, with double-digit growth across all segments and geographies.

Puig reached an EBITDA of 849 million euros, a 33 percent increase, representing an EBITDA margin of 20 percent. Net profit rose to 465 million euros, up 16 percent compared to the previous year.

Commenting on the company’s strong performance, Marc Puig, chairman and CEO of Puig, said: “We have achieved these strong results thanks to our strategy of building up a portfolio of owned brands, focusing on prestige products and expanding our leadership in niche fragrances and makeup.”

The company crossed its plan announced in 2021, to reach 3,000 million euros in revenues in 2023. Puig said in a statement that due to its beauty market-beating growth in the last three years, the company has achieved its objective of doubling 2020 net revenues one year ahead of schedule and nearly tripled them two years ahead of schedule.

“We have kicked off 2024 with positive momentum, including the strengthening of our foothold in premium skincare with the acquisition of Dr. Barbara Sturm. We also celebrated the inauguration of our new building in Barcelona and new offices in New York, which are a testament to our continued investment in Puig’s operations and presence in key countries,” added Marc Puig.

Puig registered a 17 percent increase in the fragrances and fashion segment fueled by the strength of its own brands. The makeup business segment recorded a 23 percent increase in revenues and made up 18 percent of Puig’s net revenues. Revenues from the skincare segment rose by 31 percent in 2023.

Puig’s net revenues grew by over 18 percent year-on-year in all regions, with the highest growth coming from the Asia Pacific region, up 26 percent.

In 2023, digital net revenues continued strong growth representing 26 percent of total revenues.

The company also announced its partnership with the 37th America’s Cup, including the inaugural first-ever Puig Women’s America’s Cup. Held in Barcelona between August and October 2024, the company said, this collaboration holds special significance, reflecting Puig’s local identity as a Barcelona-based company, a rich maritime sporting heritage, and global footprint.