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Profit up 16% to 456 million and record sales for the third consecutive year at 4.3 billion euros up 19% with a double-digit increase in all segments and geographical areas: this is how Puig closed 2023 , a global Spanish company in the beauty sector with brands such as Carolina Herrera, Rabanne, Charlotte Tilbury, Jean Paul Gaultier, Byredo, Penhaligon’s.
The company – which will be listed on the Madrid Stock Exchange in May – underlined that these results are “well superior” to what was forecast in the plan established in 2021 to reach 3 billion euros in sales in 2023.
«Thanks to the growth achieved in the last three years, greater than the increase in the beauty market as a whole, Puig doubled its 2020 net profit a year early and practically managed to triple it two years ahead of schedule» explains Marc Puig , president and CEO of the family business.
Gross operating profit (Ebitda) reached 849 million euros in 2023, which represents an increase of 33% compared to 2022 and an Ebitda margin of 20%. «We have achieved these extraordinary results thanks to our strategy, which consists of building a portfolio of own brands focused on Prestige products and expanding our leadership in fragrances in the niche segment and in makeup and skin care» adds Puig.
In particular, the fragrance segment has reached a market share of 11%, the highest in its history, in selective distribution driven by proprietary brands; make-up recorded a strong increase (+23%) in a year in which skincare was the asset with the fastest increase (+31%).