Spain’s luxurious and cosmetics group Puig, which owns manufacturers resembling Charlotte Tilbury, Nina Ricci, Penhaligon’s, Rabanne and Jean-Paul Gaultier, posted a pointy improve in income in 2024 because of the dynamism of its gross sales, notably within the fragrance sector.
The corporate, which went public in early Might, posted a web revenue of 531 million euros over the yr, 14% greater than the 465 million euros in 2023.
This result’s considerably increased than analysts’ expectations, who have been relying on a median of 492 million euros in web revenue, based on monetary data supplier Factset.
It was achieved regardless of the bills related to its IPO, which had been valued at 119.7 million euros just a few months prior, primarily resulting from extraordinary bonuses awarded to staff.
“Our rigor and self-discipline enabled us to additional enhance our profitability, even whereas offsetting extraordinary one-off prices,” mentioned Marc Puig, Chairman and CEO of the corporate, particularly highlighting the group’s sturdy industrial efficiency final yr.
Warning for 2025
The cosmetics group reported a turnover of 4.79 billion euros on the finish of January, marking an 11% improve from 2023. The fragrance and style sector, which accounts for 74% of whole gross sales, noticed a very sturdy progress of 14%.
Nonetheless, the group anticipates a slowdown in 2025, with income progress projected between 6% and eight%, largely resulting from proposed customs duties from the Trump administration in the US, one in every of its key markets.
The group additionally signifies that it continues to judge potential acquisitions with a extremely selective method, searching for alternatives with a robust match into its portfolio.
The Catalan magnificence home, based in 1914 in Barcelona by entrepreneur Antonio Puig Castellò, went public on Might 3. Its Chairman and CEO then mentioned the introduction would permit for the imposition of market “self-discipline” and keep away from the “difficulties” that household firms face when passing the baton between generations. The group stays 71.7% owned by the Puig household, which additionally retains a big majority of voting rights (92.5%).
