United States, the 'number one' country for the company in terms of net sales
Puig, a global company in the beauty sector, obtained a net profit of 465 million euros in 2023, a figure 16% higher than in 2022, as reported this Thursday by the company, which registered a record sales figure for the third year. consecutive.
Specifically, Puig's sales reached 4,304 million euros last year, 19% more than in 2022, with double-digit growth in all segments and geographic areas.
The company, which is planning its IPO, has highlighted that these results are "well ahead" of what was expected in the plan it established in 2021 to reach 3,000 million euros in sales in 2023.
"Thanks to the growth achieved over the last three years, above the growth of the beauty market as a whole, Puig has doubled its 2020 net income one year ahead of schedule and has practically managed to triple it two years ahead of schedule. ", the firm has stressed.
Puig's gross operating result (Ebitda) reached 849 million euros in 2023, which represents an increase of 33% compared to 2022 and an Ebitda margin of 20%.
"We have achieved these extraordinary results thanks to our strategy, which consists of building a portfolio of own brands focused on Prestige products and expanding our leadership in fragrances in the Niche segment and in makeup and skin care," he highlighted. Marc Puig, executive president of Puig.
RABANNE EXCEEDS 1,000 MILLION NET SALES
Puig grew in 2023 in all segments --fragrances and fashion (17%, up to 3,115 million euros), makeup (23%, up to 773 million euros), dermocosmetics (31%, up to 431 million euros)--, with a double-digit increase in sales compared to 2022 and above the market average.
In this context, the 17% growth in the fragrances and fashion segment was driven by the strength of its own brands, representing, in turn, 72% of Puig's net sales in 2023, compared to 74% in 2022. , with Rabanne as the company's first brand to exceed 1 billion in net sales.
Regarding the makeup sector, it recorded a sales increase of 23% and accounted for 18% of all Puig's net sales, compared to 17% in 2022, due to the success of Charlotte Tilbury, which celebrated its tenth anniversary " with very positive results" in the United Kingdom, North America, Europe, the Middle East, Australia and Singapore.
For its part, sales of the dermocosmetics segment increased by 31% in 2023, making it the fastest growing segment in Puig, reaching 10% of total sales.
UNITED STATES, PUIG'S 'NUMBER ONE' COUNTRY
The company's net sales grew by more than 18% in all geographical areas, with the Asia Pacific region being the fastest growing, with an increase of 26%, to 439 million euros, while Europe, the Middle East and Africa (EMEA), which accounts for 54% of total sales, registered an increase of 18% compared to 2022, despite global disruption, geopolitical tensions and inflation, up to 2,322 million euros.
On the other hand, America, which concentrates 36% of sales, Puig registered growth of 18% in 2023, driven mainly by the United States, Brazil and Mexico. The company has explained that the United States, considered the largest beauty market in the world, is the 'number one' country for Puig in terms of net sales.
Finally, Puig's digital sales continued to experience "solid growth" in 2023 and reached 26% of all sales, according to company estimates, which represents an increase of 1% compared to 2022.
In terms of governance, the company has introduced a new compliance model to reinforce compliance with standards and has launched a new version of its code of ethics, in line with the global scope and objectives of its brands.
