Puig strengthens its presence in the Asian market with subsidiaries in India, Japan, and Korea

The Spanish beauty group Puig has reinforced its position in the Asian market by establishing subsidiaries, launching its South Korean branch last year and inaugurating new ones in India and Japan this year.

As Marc Puig, the chairman of the group, explained to the economic newspaper Expansión, the Asia-Pacific business accounted for 10% of the company’s sales in its last fiscal year, while the EMEA region represented 54%, and the Americas accounted for 36%.

Puig recognizes its growth potential in the Asian market—it also operates subsidiaries in China, Singapore, and Malaysia—but acknowledges that growth rates in the region have slowed, particularly due to the impact of the pandemic in China.

In the same interview, Marc Puig noted that after acquiring the German skincare company Dr. Barbara Sturm in January, Puig is not planning further acquisitions. Instead, the company is focusing on organic growth through its own brands, with 95% of its 2023 revenue derived from brands it owns or controls predominantly.

Puig is set to release its first financial statements as a publicly listed company in September, following its stock market debut in May. It will then reveal its financial results for the first half of the fiscal year. In 2023, the Barcelona-based company reported net sales of 4.304 billion euros, up 19% from the previous year, with an EBITDA of 849 million euros and a net profit of 465 million euros, a 16% increase from the previous fiscal year. In the first quarter of the year, its sales grew by 10.1%.

Puig is established as a global company with direct presence in 150 countries and subsidiaries in 32. The United States is its largest market, followed by the United Kingdom and Spain, each accounting for 7% of total sales.