03.23.23
Beauty and fashion company Puig closed 2022 with record net revenues of 3,620 million euros ($3,909.4 million), representing an increase of 40% on 2021 (+30% at comparable perimeter and with constant exchange rates). The company attributes the boost to the good performance of its own brands in a market that is growing thanks to the recovery of consumer spending.
The three-year plan for Puig, which was presented in March 2021, aimed for sales of 3,000 million euros in 2023 and 4,500 million euros in 2025. That meant doubling the sales of 2020 in three years and tripling them in five years. Due to the growth in the last two years, the company has achieved its ambition to doubling 2020 net revenues one year ahead of schedule and is putting the company in a strong position to reach the goal of 4,500 million euros in revenues in 2025.
In 2022, the company achieved a global market share of 10% in the fragrance market of selective distribution, marking a milestone in its history. This success was possible due to the strength of its own brands, with two of these, Paco Rabanne and Carolina Herrera, placed among the world’s top 10.
The Puig brands in the Prestige segment had an excellent performance, boosted by the successful launch of Fame, a fragrance from Paco Rabanne; by the consolidation of Good Girl, from Carolina Herrera, following the launch of Very Good Girl in 2021; and by the good performance of Scandal from Jean Paul Gaultier.
Likewise, the Niche brands reaffirmed their growth plan in Asia with the opening of new own points of sale for Penhaligon’s and L’Artisan Parfumeur in China. Dries Van Noten presented its first collection of perfumes with a line of ten gender fluid fragrances in refillable bottles.
Charlotte Tilbury was the #1 makeup brand in the UK, and it became even stronger in 2022 due to the strength of products such as the Pillow Talk color range, in addition to offering important technology innovations that combine the physical and virtual experience of makeup. In 2022 Carolina Herrera achieved its best results since the launch of its makeup line in 2020. Byredo had a very positive year, reinforced by the launch of a series of new iconic products. In 2022 Dries Van Noten made its first inroads into this category with a collection of 30 shades of lipstick in refillable containers.
For Charlotte Tilbury, the leading product was Magic Cream, reinforcing its offer in this category whilst adhering to its commitment to providing a complete beauty wardrobe. Uriage and Apivita saw an accelerated investment in innovation and technology in order to continue developing science-based dermatology products that are respectful of the environment, mainly in the solar protection and anti-ageing ranges. The latter two brands are distributed largely through the pharmacy and drugstore channel.
Meanwhile, the travel retail channel grew by 72% in 2022 for Puig compared to the previous year, due to the return of travelers from the Americas and Europe. Travel retail increased 28% compared to Puig 2019 performance, surpassing the pre-covid days. The importance of travel retail for Puig was proven in 2022 with the pre-launch of Fame in this channel.
The three-year plan for Puig, which was presented in March 2021, aimed for sales of 3,000 million euros in 2023 and 4,500 million euros in 2025. That meant doubling the sales of 2020 in three years and tripling them in five years. Due to the growth in the last two years, the company has achieved its ambition to doubling 2020 net revenues one year ahead of schedule and is putting the company in a strong position to reach the goal of 4,500 million euros in revenues in 2025.
Acquisitions Contribute to Growth
In 2022, the company acquired a majority stake in the Swedish luxury brand Byredo and incorporated the wellness brands Kama Ayurveda, in India, and Loto del Sur, in Colombia. These new brands significantly increase the company’s own points of sale and as a result, Puig welcomed 1,000 new employees. These incorporations are highly valuable from a strategic standpoint, says Puig, although their impact on 2022 results remained limited.Performance by Category
In all the categories (fragrances and fashion, makeup, skincare) 2022 was a year of growth for Puig, with double-digit revenue growth vs 2021, ahead of the global average.Fragrances
Puig accelerated its growth in the fragrances and fashion category ahead of the market average, with a 40% increase in net revenues compared to 2021, based not only on organic growth but also due to the incorporation of brands such as Byredo.In 2022, the company achieved a global market share of 10% in the fragrance market of selective distribution, marking a milestone in its history. This success was possible due to the strength of its own brands, with two of these, Paco Rabanne and Carolina Herrera, placed among the world’s top 10.
The Puig brands in the Prestige segment had an excellent performance, boosted by the successful launch of Fame, a fragrance from Paco Rabanne; by the consolidation of Good Girl, from Carolina Herrera, following the launch of Very Good Girl in 2021; and by the good performance of Scandal from Jean Paul Gaultier.
Likewise, the Niche brands reaffirmed their growth plan in Asia with the opening of new own points of sale for Penhaligon’s and L’Artisan Parfumeur in China. Dries Van Noten presented its first collection of perfumes with a line of ten gender fluid fragrances in refillable bottles.
Makeup
With a 52% increase of revenues over the previous year, makeup was the category with the largest growth in 2022.Charlotte Tilbury was the #1 makeup brand in the UK, and it became even stronger in 2022 due to the strength of products such as the Pillow Talk color range, in addition to offering important technology innovations that combine the physical and virtual experience of makeup. In 2022 Carolina Herrera achieved its best results since the launch of its makeup line in 2020. Byredo had a very positive year, reinforced by the launch of a series of new iconic products. In 2022 Dries Van Noten made its first inroads into this category with a collection of 30 shades of lipstick in refillable containers.
Skincare
Revenues in the skincare categories grew 20% in 2022.For Charlotte Tilbury, the leading product was Magic Cream, reinforcing its offer in this category whilst adhering to its commitment to providing a complete beauty wardrobe. Uriage and Apivita saw an accelerated investment in innovation and technology in order to continue developing science-based dermatology products that are respectful of the environment, mainly in the solar protection and anti-ageing ranges. The latter two brands are distributed largely through the pharmacy and drugstore channel.
Fashion
Fashion is growing at the same pace as the company and takes an increasingly relevant position due to the success of the collaboration method implemented in the haute couture and prêt-à-porter collections of Jean Paul Gaultier, the signing of Harris Reed as Artistic Director of Nina Ricci and the consolidation of the proposals of Julien Dossena in Paco Rabanne and Wes Gordon in Carolina Herrera.Regional Performance
Puig grew by over 30% in net revenues compared to 2021 in all regions, the highest growth coming in the Americas, which reported growth of 56%. The global structure was reinforced with the incorporations of Byredo, Loto del Sur and Kama Ayurveda, which consolidate the presence of Puig in India, Colombia, China and USA, among other countries.Digital and Travel Retail Grow
Puig in 2022 increased its digital net revenues by 23% over the previous year, and the channel now accounts for 25% of total revenue. In spite of the digital acceleration, consumers largely returned to their pre-pandemic habits and to buying at brick-and-mortar outlets. Puig is present through three different types of digital channels: e-commerce facilities of each brand, e-tailing by distributors who have physical shops, and distributors who sell exclusively online.Meanwhile, the travel retail channel grew by 72% in 2022 for Puig compared to the previous year, due to the return of travelers from the Americas and Europe. Travel retail increased 28% compared to Puig 2019 performance, surpassing the pre-covid days. The importance of travel retail for Puig was proven in 2022 with the pre-launch of Fame in this channel.
