Puig annual revenues up 40% in 2022 to €3.6 billion

By

Godfrey Deeny

Published
Mar 23, 2023

Annual revenues at Puig, the diversified Spanish fragrance, beauty and fashion group grew by a whopping 40% in 2022 to €3.620 billion, as the company accelerated out of the pandemic.

Puig, which controls five noted fashion houses – Jean-Paul Gaultier, Carolina Herrera, Dries Van Noten, Nina Ricci and Paco Rabanne - also expects to reach an annual turnover of €4.5 billion by 2025.
 
“The company has consolidated its importance in the category of selective distribution fragrances and, for the first time in its history, has achieved a global market share of 10% thanks to the performance of its own brands,” Puig also trumpeted in a release.

Underlining the group’s improved performance, Puig scored EBITDA of 638 million euros, a 37% increase compared to 2021. While net profit reached 400 million euros, up 71% compared to the previous financial year.
 
“Puig achieved these record results, for the second consecutive year, despite a complex geopolitical environment and the impact of inflation and rising interest rates,” Puig insisted.
 
The Barcelona-based, family-controlled business also revealed that perfumes and fashion were the key drivers in growth, accounting for 74% of turnover, or €2.665 billion. The group does not break out its annual sales of fashion, though these are believed to exceed €250 million.
 
Historically, Puig has often used its fashion brands primarily as advertising vehicles for its scents, notably at Jean-Paul Gaultier and Nina Ricci, where it recently debuted mediatic American designer Harris Reed to mixed reviews. While at Gaultier, since the retirement of the founder, the house has concentrated on guest-designer couture collections and occasional collabs. That, however is certainly changing overall in the group, as Dries Van Noten, Paco Rabanne and Carolina Herrera, especially with its CH diffusion collection, have built moderately large fashion businesses.   
 
Besides the fashion marques, Puig also controls or holds long-term licenses for the fragrance and beauty businesses of Charlotte Tilbury, L’Artisan Parfumeur, Penhaligon’s, Christian Louboutin, Comme des Garçons, Antonio Banderas and Adolfo Dominguez.
 
The Catalan group also was careful to stress that it had bolstered its brand portfolio with the acquisition of a majority stake in the Swedish luxury company Byredo and the incorporation of the wellness brands Kama Ayurveda and Loto del Sur.
 
Geographically, sales grew fastest in the Americas, rising 56% to €1,132 billion, aided by the opening of a strategic bureau in Miami. Though Europe and the Middle East was the most important region with €1,959 billion in sales, up 31%. Asia made up the rest, with turnover of €349 million, up 41%.
 
Total beauty sales rose by 52% to €626 million led by rapid sales advances at Charlotte Tilbury. While facial care saw a 20% increase in sales to €328 million.
 
“Charlotte Tilbury was the UK's No.1 make-up brand and bolstered the iconic Pillow Talk color range in 2022,” Puig noted in a financial release.
 
Finally, the group was keen to underline its commitment to ESG. In 2022, Puig obtained the Gold Medal certification from EcoVadis and an A-score in the Climate Change category from the CDP. While the Apivita brand obtained the revalidation of its BCorp certification, with one of the highest scores in the industry.