Puig delivered a strong financial performance in 2024, achieving a record net revenue of €4,790 million, representing 11.3% reported growth and 10.9% like-for-like (LFL) compared to 2023.
The Fragrance and Fashion segment is Puig’s largest business segment, accounting for 73% of net revenue. The segment generated €3,538 million in net revenue in FY 2024, an increase of 13.6% on a reported and constant perimeter basis versus 2023.
Marc Puig, Chairman and CEO of Puig, said:
“2024 was a transformative year for Puig as we became a publicly listed company after 110 years as a family business. We have delivered on our IPO commitments with €4,790 million in net revenues, outpacing the premium beauty market and with strong profitability through continued premiumization. We were delighted to see Carolina Herrera’s Good Girl becoming the #1 women’s fragrance line worldwide, sitting alongside Le Male by Jean Paul Gaultier as #3 and One Million by Rabanne as #4 masculine fragrance lines worldwide.”
Niche brands also continued to show compelling growth, with double-digit performances from Penhaligon’s, L’Artisan Parfumeur, and Dries Van Noten.
The Makeup recorded net revenue of €763 million in FY 2024, accounting for 16% of Puig’s net revenue. This represents a decrease of (1.3%) on a reported and constant perimeter basis against 2023.
Despite softer net revenue growth, Charlotte Tilbury –the largest contributor to Makeup– maintained its #1 ranking in Prestige Makeup in the UK and achieved a #3 ranking among Prestige Makeup brands for the full year in the U.S., improving two positions compared to 2023.
The segment was also impacted in 2024 by a softer performance across some of our smaller makeup offerings.
Puig added,
“Strategic partnerships, including the arrival of Dr. Barbara Sturm and the extension of the alliance with Charlotte Tilbury MBE, have strengthened our brand portfolio. Our rigor and discipline enabled us to further improve our profitability, even while offsetting extraordinary one-off costs such as the IPO award given to all Puig employees to recognize their significant contributions over the years. By reducing our net debt and strengthening our financial position, we are well-positioned for future growth.”
Skincare delivered €516 million in net revenue in FY2024, 11% of Puig’s net revenue. This represented an increase of 19.8% on a reported basis compared to the same period of 2023.
In particular, the Dermo-Cosmetics brands continued to perform strongly, with Uriage delivering double-digit growth. The segment also benefited from the incorporation of Dr. Barbara Sturm, reinforcing the premium skincare offering.
When looking at sales by region, EMEA represented about 55%, followed by the America’s represented about 36%, and APCA represented about 10%.
The Fragrance and Fashion segment is Puig’s largest business segment, accounting for 73% of net revenue. The segment generated €3,538 million in net revenue in FY 2024, an increase of 13.6% on a reported and constant perimeter basis versus 2023.
Marc Puig, Chairman and CEO of Puig, said:
“2024 was a transformative year for Puig as we became a publicly listed company after 110 years as a family business. We have delivered on our IPO commitments with €4,790 million in net revenues, outpacing the premium beauty market and with strong profitability through continued premiumization. We were delighted to see Carolina Herrera’s Good Girl becoming the #1 women’s fragrance line worldwide, sitting alongside Le Male by Jean Paul Gaultier as #3 and One Million by Rabanne as #4 masculine fragrance lines worldwide.”
Niche brands also continued to show compelling growth, with double-digit performances from Penhaligon’s, L’Artisan Parfumeur, and Dries Van Noten.
The Makeup recorded net revenue of €763 million in FY 2024, accounting for 16% of Puig’s net revenue. This represents a decrease of (1.3%) on a reported and constant perimeter basis against 2023.
Despite softer net revenue growth, Charlotte Tilbury –the largest contributor to Makeup– maintained its #1 ranking in Prestige Makeup in the UK and achieved a #3 ranking among Prestige Makeup brands for the full year in the U.S., improving two positions compared to 2023.
The segment was also impacted in 2024 by a softer performance across some of our smaller makeup offerings.
Puig added,
“Strategic partnerships, including the arrival of Dr. Barbara Sturm and the extension of the alliance with Charlotte Tilbury MBE, have strengthened our brand portfolio. Our rigor and discipline enabled us to further improve our profitability, even while offsetting extraordinary one-off costs such as the IPO award given to all Puig employees to recognize their significant contributions over the years. By reducing our net debt and strengthening our financial position, we are well-positioned for future growth.”
Skincare delivered €516 million in net revenue in FY2024, 11% of Puig’s net revenue. This represented an increase of 19.8% on a reported basis compared to the same period of 2023.
In particular, the Dermo-Cosmetics brands continued to perform strongly, with Uriage delivering double-digit growth. The segment also benefited from the incorporation of Dr. Barbara Sturm, reinforcing the premium skincare offering.
When looking at sales by region, EMEA represented about 55%, followed by the America’s represented about 36%, and APCA represented about 10%.
Looking Ahead
Puig remains confident that the strength and desirability of its brands will continue to outperform in the premium beauty market.
Improvements in 2025 are expected to be in line with those from 2024, assuming a level of U.S. tariffs implementation according to internal Puig estimates.
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