2024 was a big year for Spanish conglomerate Puig, which went public on the European stock exchange in May and completed the acquisition of the Dr Barbara Sturm brand in January. After a rocky start on the public market, the company reported a strong finish to the year. Revenues for 2024 rose 10.9 per cent to €4.7 billion on a like-for-like basis, while fourth-quarter revenues were up 14.3 per cent to €1.36 billion.
“2024 was a historic year for Puig, in which we celebrated our 110th anniversary and became a publicly listed company. Once again, we delivered record revenues, driven by the exceptional performance of our core fragrance business and our core geographies, EMEA and the Americas,” said Marc Puig, chairman and CEO of Puig, in a statement.
By category, the fragrance and fashion division — comprising brands including Rabanne, Carolina Herrera and Dries Van Noten — reported a sales increase of 21 per cent in Q4 and 13.6 per cent for the year. Skincare (a portfolio including Dr Barbara Sturm, Charlotte Tilbury Skincare and Uriage eau Thermale) was up 11.7 per cent in Q4 and 19.8 per cent for FY24.
Makeup continues to slump, with sales down 7.2 per cent in the fourth quarter and 1.3 per cent for the full year 2024. “Makeup was muted,” says CEO Puig, who highlighted on the call that the category’s setback was mainly due to a flat Charlotte Tilbury makeup performance, thanks to difficult comps and recovery from a December voluntary withdrawal of the brand’s Flawless Filter Setting Spray, due to select batches’ quality issues.
