On February 27, Spanish luxury fragrance and fashion company Puig announced its full-year financial results for 2024, reporting total revenue of €4.79 billion. This represents an 11.3% increase year-over-year (reported basis) and a 10.9% increase (LFL basis), outperforming the overall growth rate of the premium beauty market.
The company’s net profit reached €531 million, marking a 14.1% increase from the previous year. Meanwhile, adjusted net profit rose by 15.5% to €551 million, reflecting strong and steady growth.
Fragrance Segment Leads the Growth
The fragrance segment played a key role in driving Puig’s strong performance. Carolina Herrera’s “Good Girl” became the No.1 female fragrance worldwide, while Jean Paul Gaultier’s “Le Male” ranked third in the men’s fragrance category and Rabanne’s “One Million” secured the fourth position.
Marc Puig, Chairman and CEO of the company, stated: “2024 was a transformative year for Puig as we became a publicly listed company after 110 years as a family business. We have delivered on our IPO commitments with €4,790 million in net revenues, outpacing the premium beauty market and with strong profitability through continued premiumization.”
Post-IPO Developments and Future Outlook
In May 2024, Puig went public on the Madrid Stock Exchange, completing a €2.7 billion IPO. However, the stock price has dropped by 25% since the IPO.
In the first half of the year, IPO-related costs and employee bonus payments led to a 26% decline in net profit. Despite this, the company recovered in the second half, ultimately maintaining overall growth for the full year.
Looking ahead to 2025, Puig forecasts a revenue growth rate of 6% to 8%, a slowdown compared to 2024’s 11.3% growth. This is attributed to a deceleration in the makeup and skincare markets, as well as potential new tariff implementations in the United States.
Competitive Landscape and Market Trends
In recent years, major competitors such as L’Oréal and Estée Lauder have also experienced slower growth, impacted by weak demand in the Chinese market and persistent inflation in the United States.
Given this market landscape, Puig remains committed to expanding its fragrance business while also focusing on adapting to intensifying competition in the makeup sector and strengthening its skincare brand portfolio.
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