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Puig has reported a strong 2023 performance as speculation continues about when or if it will go public.
The Spanish fashion and beauty conglomerate — which owns brands including Rabanne, Jean Paul Gaultier, Carolina Herrera, Dries Van Noten, Charlotte Tilbury and the recently acquired Dr Barbara Sturm — reported sales of €4.3 billion, an increase of 19 per cent year-on-year.
It means Puig is firmly on track to reach its annual sales target of €4.5 billion by 2025. Still, the company remains small compared to some of its rivals (by comparison, LVMH sales were up 13 per cent to €86.2 billion in 2023 and L’Oréal’s 2023 sales were up 11 per cent to €41.18 billion).
Puig chairman and CEO Marc Puig told The Financial Times in October 2023 that an initial public offering (IPO) was on the table: “One option would be to open up the capital and opening the capital could mean a private equity shareholder, it could mean a much longer-term shareholder, or it could mean the market,” the executive told the newspaper. According to The Financial Times’s banker sources, the company valuation is around €8 billion to €10 billion. Puig did not comment further on this or its plans following the 2023 earnings release.
In 2023, revenue from Puig’s largest segment, fragrances and fashion (representing 72 per cent of the total business) rose 17 per cent. A milestone was reached with Rabanne becoming the first Puig brand to hit the €1 billion revenue mark, while Jean Paul Gaultier “became the fastest-growing brand in the Puig portfolio”. Dries Van Noten has a “particularly dynamic momentum”, and Byredo “achieved double-digit growth”.
The makeup segment, which includes Charlotte Tilbury, Christian Louboutin Beauty and Rabanne’s makeup line, grew 23 per cent year-on-year. The skincare segment was the fastest-growing segment, up 31 per cent, driven by Charlotte Tilbury’s Magic Cream.
By geography, growth was led by Asia Pacific (up 26 per cent, including a 27 per cent increase in China), while EMEA and the Americas each logged 18 per cent growth.
“We have achieved these strong results thanks to our strategy of building up a portfolio of owned brands, focusing on prestige products and expanding our leadership in niche fragrances and makeup,” Puig said in a statement. The executive added: “We have kicked off 2024 with positive momentum, including the strengthening of our foothold in premium skincare with the acquisition of Dr Barbara Sturm. We also celebrated the inauguration of our new building in Barcelona, in the presence of the King and Queen of Spain, and new offices in New York, which are a testament to our continued investment in Puig’s operations and presence in key countries.”
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