On January 30, Spanish luxury fragrance and fashion company Puig announced that its Q4 2024 sales had reached €1.362 billion, a 14.3% increase year-on-year, while full-year sales hit a record €4.79 billion, marking an 11.3% increase from the previous year. The company’s Fragrance & Fashion segment saw remarkable growth of 21.0%, expanding to account for 73% of total revenue, solidifying Puig’s dominant presence in the fragrance market.
2024 was a historic year for Puig. The company celebrated its 110th anniversary, went public, and accelerated its growth strategy. In addition to reinforcing its skincare and makeup divisions, Puig completed the acquisition of Dr. Barbara Sturm and extended its partnership with Charlotte Tilbury until 2031, marking key milestones for future expansion.
Marc Puig, Chairman and CEO, stated, “We delivered record revenues, driven by the exceptional performance of our core fragrance business and our core geographies, EMEA and the Americas.”
Dominance in the Fragrance Market
Puig’s Fragrance & Fashion segment generated €3.538 billion in revenue, reflecting a 13.6% year-on-year increase. Among its leading brands, Jean Paul Gaultier’s “Le Male” became the third-ranked men’s fragrance worldwide, entering the top 10 for the first time in the brand’s history. Additionally, Carolina Herrera’s “Good Girl” became the No. 1 women’s fragrance in the U.S., further driving Puig’s overall revenue growth.
Niche fragrance brands also performed well. Penhaligon’s, L’Artisan Parfumeur, and Dries Van Noten all reported double-digit growth, while Byredo showed a strong performance, further bolstering Puig’s brand portfolio.
Challenges in the Makeup Sector and Future Strategy
On the other hand, Puig’s Makeup segment struggled. Q4 sales declined by 7.2%, and full-year sales dropped 1.3%, making it the only sector with negative growth. The primary reason for this downturn was the voluntary recall of Charlotte Tilbury’s “Airbrush Flawless Setting Spray” in December 2024. While the product is now back on the market, the temporary sales suspension negatively impacted revenue.
Despite this setback, Puig remains optimistic about Charlotte Tilbury’s long-term growth. The brand maintained its No. 1 position in the UK and rose two ranks to claim the No. 3 spot in the U.S. in 2024. Additionally, the launch of the “Unreal Skin Foundation Stick” was a success, further demonstrating the brand’s innovation.
Looking ahead, Puig plans to strengthen its makeup division by expanding product categories and refining its marketing strategy. With Charlotte Tilbury’s product sales now resumed, the company is expected to recover in 2025.
Skincare Expansion and Luxury Market Strategy
Puig’s Skincare segment also experienced strong growth, with full-year sales rising 19.8% to €516.2 million. Uriage posted double-digit growth, with successful sales of key products such as the “Age Absolu Serum” and “Xemose”.
Additionally, the January 2024 acquisition of Dr. Barbara Sturm has helped Puig establish a stronger presence in the ultra-luxury skincare market, reinforcing its position beyond fragrances and strengthening its premium beauty portfolio.
Global Expansion and Future Growth Strategy
EMEA remains Puig’s largest market, with €2.62 billion in sales, up 12.8% year-on-year. The Americas recorded €1.715 billion in revenue, growing 11.1%, while Asia-Pacific (APAC) posted €455.1 million in sales, a 3.7% increase, showing moderate growth.
Since 2020, the fragrance market has seen explosive expansion, but that momentum appears to be slowing. “Post-pandemic rapid growth has peaked, and market growth rates are now stabilizing,” Puig stated. Nevertheless, the company remains confident in its competitive edge, citing its strong brand positioning and aggressive M&A strategy as key factors for sustained growth.
Looking ahead to 2025 and beyond, Puig plans to navigate the slowing fragrance market by strengthening its skincare and makeup divisions and further expanding its brand portfolio through acquisitions.
The company is set to release its full-year financial results and mid-term growth strategy on February 27, with industry stakeholders closely watching for its next move.
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