Puig revenue rises €4.3B and credits Charlotte Tilbury for makeup and skin care boost

11 Mar 2024 --- Puig, the parent company of Charlotte Tilbury, generated €4.3 billion (US$4.7 billion) in revenue in 2023. This was a 19% increase in net revenue from the previous year.

The company says it achieved the results despite a “challenging economic environment marked by geopolitical tensions and rising interest rates.” 

The fragrances sector reached an all-time high market share of 11% in selective distribution. The company also reports “strong growth” in the makeup (+23%) and skin care segments. Skin care became Puig’s fastest-growing business segment (+31%). 

The company attributes the increase in skin care and makeup revenue partly to the success of Charlotte Tilbury.

Marc Puig, chairman and CEO of Puig, commented: “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.”

Magic cream drives earnings
The financial results are “significantly ahead” of the company’s plan, which was forecast to reach €3 million (US$3.3 million) in revenues this year. Puig delivered a record EBITDA of €849 million (US$927.7 million), up 33%, representing an EBITDA margin of 20%.

Puig attributes a large portion of its revenue in makeup and skin care to the beauty brand Charlotte Tilbury.Charlotte Tilbury’s leading product, Magic Cream, was highlighted, while Uriage and Apivita also helped push revenue higher. These brands focus on developing “scientific and environmentally friendly” dermatology products. 

Additionally, Puig says the incorporation of the full-year results of Loto del Sur and Kama Ayurveda, acquired in 2022, was “key” to double-digit growth last year. The segment was reinforced with Dr. Barbara Sturm’s acquisition in January 2024.

“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. We have kicked off 2024 with positive momentum, including strengthening our foothold in premium skin care with the acquisition of Dr. Barbara Sturm,” explains the CEO of Puig.

Makeup and fragrance sales
Puig attributes its momentum in the makeup sector to the success of Charlotte Tilbury, which had a positive performance in the UK, North America, Europe, the Middle East, Australia and Singapore. 

The growth was also motivated by the acceleration of the performance of Christian Louboutin Beauté and the positive reception of the launch of Rabanne’s makeup line. 

Puig registered a 17% increase in the fragrances segment compared to 2022. Key highlights in 2023 included Rabanne’s launch of a new brand identity and becoming the first Puig brand to exceed net revenues of €1 billion (US$1.09 billion). 

Meanwhile, Jean Paul Gaultier became the fastest-growing brand in the Puig portfolio. The company continued to gain market share, reaching 11% in the selective distribution fragrance business worldwide.

By Sabine Waldeck