Spain’s luxury and cosmetics group Puig, which owns brands such as Charlotte Tilbury, Nina Ricci, Penhaligon’s, Rabanne and Jean-Paul Gaultier, posted a sharp increase in profits in 2024 thanks to the dynamism of its sales, particularly in the perfume sector.
The company, which went public in early May, posted a net profit of 531 million euros over the year, 14% more than the 465 million euros in 2023.
This result is significantly higher than analysts’ expectations, who were counting on an average of 492 million euros in net profit, according to financial information provider Factset.
It was achieved despite the expenses associated with its IPO, which had been valued at 119.7 million euros a few months prior, primarily due to extraordinary bonuses awarded to employees.
“Our rigor and discipline enabled us to further improve our profitability, even while offsetting extraordinary one-off costs,” said Marc Puig, Chairman and CEO of the company, specifically highlighting the group’s strong commercial performance last year.
Caution for 2025
The cosmetics group reported a turnover of 4.79 billion euros at the end of January, marking an 11% increase from 2023. The perfume and fashion sector, which accounts for 74% of total sales, saw a particularly strong growth of 14%.
However, the group anticipates a slowdown in 2025, with revenue growth projected between 6% and 8%, largely due to proposed customs duties from the Trump administration in the United States, one of its key markets.
The group also indicates that it continues to evaluate potential acquisitions with a highly selective approach, in search of opportunities with a strong fit into its portfolio.
The Catalan beauty house, founded in 1914 in Barcelona by entrepreneur Antonio Puig Castellò, went public on May 3. Its Chairman and CEO then said the introduction would allow for the imposition of market “discipline” and avoid the “difficulties” that family companies face when passing the baton between generations. The group remains 71.7% owned by the Puig family, which also retains a large majority of voting rights (92.5%).
