Spanish beauty owner Puig has revealed strong results for the full year 2023, with double-digit growth across all categories led by skin care and make-up.
The company posted net revenues of €4,304m, a 19% increase on the same period in 2022, and saw double-digit growth across all segments and regions.
Skin care was Puig’s fastest-growing segment, with a 31% increase in sales.
This was driven by recent acquisitions including Dr. Barbara Sturm in January, following Puig’s investments in Loto Del Sur and Kama Ayurveda.
Puig said dermatological skin care brands Uriage and Apivita were also key growth drivers.
Puig’s make-up division also saw sales surge by 23% compared to the previous year, led by luxury beauty brand Charlotte Tilbury, which the company said performed well in the UK, North America and Europe, the Middle East, Australia and Singapore.
Sales were also boosted by the launch of Rabanne’s new make-up line, growth in the Middle East and Latin America and Christian Louboutin Beauté.
Rabanne was also the star performer in Puig’s fragrance and fashion segment, becoming its first brand to exceed 1 billion euros amid its rebrand and expansion into cosmetics.
Jean Paul Gaultier, meanwhile, was singled out as the fastest growing brand in Puig’s fragrance portfolio, benefiting from the success of new launches Le Male Elixir and Gaultier Divine.
“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 make-up,” said Marc Puig, chairman and CEO of Puig.
“Due to the strength and desirability of our diversified portfolio, we have reinforced our position in our core regions – Europe and the Americas – while continuing to invest in markets with high growth potential for our brands.”
The company reported “excellent” growth in the Americas, with sales up 18% driven by the US, Brazil and Mexico.
Puig also grew its market share in Europe with Kama Ayurveda opening its debut UK store, while the company expanded its headquarters in Barcelona, Spain, with a new sustainable tower.
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