Puig is not feeling the signs of a beauty or luxury slump. On Thursday, the Spanish company reported a record €4.79 billion ($4.98 billion) in net revenue for the full year in 2024, representing a 10.9% increase in like-for-like sales from the previous year. For the fourth quarter of 2024, Puig reported €1.36 billion ($1.41 billion) in revenue, or an increase of 14.3% compared to Q4 2023.
“2024 was a historic year for Puig, in which we celebrated our 110th anniversary and became a publicly listed company. Once again, we delivered record revenues, driven by the exceptional performance of our core fragrance business,” said Marc Puig, chairman and CEO of Puig.
Fragrance was a major driver of 2024’s growth. Puig’s Fragrance and Fashion segment, which includes the likes of fragrance lines from Jean Paul Gaultier and Nina Ricci, reported a growth of 13.6%, accounting for 73% of the company’s total revenue. Skin care saw a boost, as well, delivering €516 million ($537 million) in net revenue for the full year of 2024, representing an increase of 19.8%.
Not all sectors saw growth, however. Puig reported makeup revenues fell by 7.2% in Q4 2024 and 1.3% across the full year. Puig issued a voluntary global recall of select batches of the Charlotte Tilbury Airbrush Flawless Setting Spray in December.
“While makeup performance this year has been muted, we remain excited by the prospects for the Charlotte Tilbury brand for the long term,” said Puig on Thursday’s earnings call.
Puig has consistently added to its portfolio in recent years. The company acquired a minority stake in makeup brand Charlotte Tilbury in 2020, with plans to assume full ownership in 2031. In 2022, Puig acquired a majority stake in Swedish perfume pioneer Byredo for a reported €1 billion. In January 2024, Puig acquired a majority stake in luxury skin-care brand Dr. Barbara Sturm. Puig has also launched new designer beauty brands, like Belgian designer Dries Van Noten’s entry into fragrance and lipstick in 2022.
Those increases stand in contrast to other premium beauty companies. The Estée Lauder Companies reported a 4% decrease in net sales for Q1 of fiscal year 2025. The conglomerate will report its second quarter results on February 4.
As reported in the earnings call, Puig estimates that Jean Paul Gaultier Le Male has become the No. 3 fragrance line in the world. The male-targeted fragrance has become popular among teen boys, a fast-growing consumer category. In addition, Carolina Herrera Good Girl has also the No. 1 female-targeted fragrance in the U.S., Puig reported.
But Puig anticipates that the rate of fragrance growth since 2020 may not hold forever. “It seems that the growth rate that we have been seeing since Covid is somehow slowing down,” said Puig.
Puig will present its 2024 full-year results and offer mid-term guidance on February 27.
