Puig Reports €465 Million profit in 2023, up 16%, sets record sales for third consecutive year

Puig, the global beauty company, achieved a net profit of €465 million in 2023, marking a 16% increase compared to 2022. The company announced on Thursday that it recorded record sales for the third consecutive year.

Puig’s sales reached €4.3 billion last year, up 19% from 2022, with double-digit growth across all segments and geographic areas.

The company highlighted that these results significantly exceeded the targets set in its 2021 plan to reach €3 billion in sales by 2023.

“Thanks to the growth achieved over the past three years, surpassing the overall beauty market growth, Puig has doubled net income from 2020 a year ahead of schedule and has nearly tripled it two years ahead of plan,” the firm emphasized.

Puig’s earnings before interest, taxes, depreciation, and amortization (EBITDA) reached €849 million in 2023, reflecting a 33% increase over 2022 and an EBITDA margin of 20%.

“We have achieved these extraordinary results thanks to our strategy, which focuses on building a portfolio of our own brands centered on prestige products and expanding our leadership in niche fragrance, makeup, and skincare segments,” noted Marc Puig, CEO of Puig.

Rabanne surpasses €1 billion in net sales

In 2023, Puig experienced growth across all segments—fragrances and fashion (+17%, reaching €3.115 billion), makeup (+23%, reaching €773 million), dermocosmetics (+31%, reaching €431 million)—with double-digit sales increases compared to 2022, outperforming the market average.

Within this context, the 17% growth in the fragrances and fashion segment was driven by the strength of its own brands, representing 72% of Puig’s net sales in 2023, compared to 74% in 2022, with Rabanne becoming the company’s first brand to surpass €1 billion in net sales.

As for the makeup sector, sales increased by 23%, accounting for 18% of all Puig net sales, compared to 17% in 2022, due to the success of Charlotte Tilbury, which celebrated its tenth anniversary “with very positive results” in the UK, North America, Europe, the Middle East, Australia, and Singapore.

On the other hand, sales in the dermocosmetics segment increased by 31% in 2023, making it Puig’s fastest-growing segment, accounting for 10% of total sales.

United States: Puig’s top market

The company’s net sales grew by over 18% in all geographic areas, with the Asia Pacific region experiencing the highest growth, up 26% to €439 million, while Europe, the Middle East, and Africa (EMEA), which account for 54% of total sales, saw an 18% increase compared to 2022, reaching €2.322 billion despite global disruption, geopolitical tensions, and inflation.

In the Americas, which represent 36% of sales, Puig achieved an 18% growth in 2023, driven mainly by the United States, Brazil, and Mexico. Puig stated that the United States, considered the world’s largest beauty market, is the company’s top country in terms of net sales.

Finally, Puig’s digital sales continued to experience “solid growth” in 2023, reaching 26% of total sales, according to company estimates, representing a 1% increase compared to 2022.

In terms of governance, the company has introduced a new compliance model to strengthen regulatory compliance and launched a new version of its code of ethics, aligning with the global scope and objectives of its brands.