On September 6, Puig, a leader in the fragrance industry based in Barcelona, announced robust growth for the first half of the 2024 fiscal year. The company reported a 9.6% increase in total sales compared to the same period last year, reaching €2.171 billion. Sales in the Asia-Pacific region surged by 29%, reflecting the success of Puig’s international expansion. Additionally, the company continued to see stable growth in the European and American markets.
In the fragrance sector, luxury brands such as Carolina Herrera and Paco Rabanne led the sales, especially supported by younger consumers. The company also saw a significant boost in digital sales channels, with sales through online marketing growing by 35% compared to the same period last year.
In January 2024, Puig acquired luxury skincare brand Dr. Barbara Sturm to strengthen its presence in the skincare industry, followed by an IPO on the Madrid Stock Exchange in May. Due to related expenses, net profit decreased by 26.5%, settling at €154 million. However, the company expects further increases in net revenue and operating profit in the second half of the year, driven by anticipated demand growth ahead of the Christmas season.
Marc Puig, the company’s CEO, stated, “While our fragrances and fashion business remains our largest segment, we further diversified into skincare—our fastest growing business segment during the first half—with a strong organic growth component and a strategic brand acquisition,” “We want to continue to build on this momentum as we look towards the future,” he continued.
Looking ahead, Puig plans to further expand its share in the luxury fragrance market and accelerate its global growth strategy.