Puig posts revenue up 14% for 2024, however stays cautious about 2025

Spain’s luxurious and cosmetics group Puig, which owns manufacturers equivalent to Charlotte Tilbury, Nina Ricci, Penhaligon’s, Rabanne and Jean-Paul Gaultier, posted a pointy enhance in earnings in 2024 because of the dynamism of its gross sales, significantly within the fragrance sector.

The corporate, which went public in early Might, posted a web revenue of 531 million euros over the 12 months, 14% greater than the 465 million euros in 2023.

This result’s considerably larger than analysts’ expectations, who had been relying on a mean of 492 million euros in web revenue, based on monetary info supplier Factset.

It was achieved regardless of the bills related to its IPO, which had been valued at 119.7 million euros a number of months prior, primarily attributable to extraordinary bonuses awarded to staff.

“Our rigor and self-discipline enabled us to additional enhance our profitability, even whereas offsetting extraordinary one-off prices,” stated Marc Puig, Chairman and CEO of the corporate, particularly highlighting the group’s robust industrial efficiency final 12 months.

Warning for 2025

The cosmetics group reported a turnover of 4.79 billion euros on the finish of January, marking an 11% enhance from 2023. The fragrance and vogue sector, which accounts for 74% of whole gross sales, noticed a very robust development of 14%.

Nevertheless, the group anticipates a slowdown in 2025, with income development projected between 6% and eight%, largely attributable to proposed customs duties from the Trump administration in america, one in all its key markets.

The group additionally signifies that it continues to guage potential acquisitions with a extremely selective method, looking for alternatives with a powerful match into its portfolio.

The Catalan magnificence home, based in 1914 in Barcelona by entrepreneur Antonio Puig Castellò, went public on Might 3. Its Chairman and CEO then stated the introduction would permit for the imposition of market “self-discipline” and keep away from the “difficulties” that household firms face when passing the baton between generations. The group stays 71.7% owned by the Puig household, which additionally retains a big majority of voting rights (92.5%).