Puig Reports 11% Revenue Growth in 2024

In 2024, Spanish conglomerate Puig achieved significant growth, reporting a record €4.79 billion in net revenue, marking a 10.9% increase from the previous year. The company's fourth-quarter sales rose 14.3% to €1.36 billion, driven primarily by its fragrance and fashion division, which saw a 21% increase during the holiday season. Despite strong performance in fragrances, the makeup segment faced challenges, with sales down 7.2% in Q4 following a recall of certain Charlotte Tilbury products due to quality issues. Puig's skincare division also thrived, with a notable 19.8% increase in revenue. The company’s successful year included the acquisition of the Dr. Barbara Sturm brand and a public listing, reinforcing its position in the beauty market. Puig's performance stands in contrast to larger competitors like Estée Lauder and L’Oréal, which struggled due to reduced demand in China.