Puig, the beauty and fashion group, is the world’s fifth-largest fragrance manufacturer in the prestige and niche perfume sector, but has its eye on a bigger future. The family-owned Spanish company announced a strategic growth plan in 2021, aiming for 3 billion euros (AUD$4.85 billion) in global sales by 2023.
The ambitious goal has been achieved a year ahead of schedule. Puig posted net global sales of 3.62 billion euros (AUD$5.85 billion) in 2022, a 40 per cent rise in reported terms to snare a 10 per cent slice of the global prestige fragrance market.
The multinational embarked on a mini corporate spending spree last year, acquiring a majority stake in Swedish cult favourite Byredo and the Kama Ayurveda and Loto del Sur brands from India and Colombia to bolster its botanical and natural credentials.
But Puig’s own brands have been on fire over the past 12 months. Paco Rabanne now ranks fifth in the world’s prestige fragrance rankings, Carolina Herrera sits at number 6 and Jean Paul Gaultier is 17th on the back of a bullish performance of its Scandal juice.
Puig has big plans for its niche fragrance portfolio, led by Penhaligon’s and L’Artisan Parfumeur, and is in hot pursuit of a 20 per cent market share of the category. The multinational opened direct sales portals for both brands in China last year and Penhaligon’s has unveiled two major travel retail counters in London and Sydney over the past six months.
Makeup was the fastest-growing category for Puig in 2022 with sales of 626 million euros (AUD$1.01 billion) – up 52 per cent. Charlotte Tilbury was the star performer, rising to become number one prestige cosmetic brand in the UK. Carolina Herrera’s makeup range continued to enjoy growing revenues, Dries Van Noten debuted 30 shades of lipstick and Byredo also dipped its toes into the cosmetics arena.
Puig is also the third largest dermo-cosmetic skincare player in European pharmacy – after Pierre Fabre and L’Oréal – through its majority control of Uriage, the French thermal skincare brand, Apivita, the Greek skincare brand based on bee products, and 50 per cent stake in ISDIN, the anti-ageing and photo-ageing brand.
The company repositioned its market-leading skincare brands in a new Derma division in December 2020 and global sales surged 20 per cent in 2022 to 328 million euros (AUD$531.18 million).
Puig enjoyed double digit growth in all major geographic regions – the US (+56% to 1.31 billion euros – AUD$2.12 billion), Europe, the Middle East and Africa (+31% to 1.96 billion euros – AUD$3.17 billion) and Asia (+41% to 349 million euros – AUD$565 million).
The buoyant 2022 results pave the way for Puig’s final leg of its growth strategy to reach global sales of 4.5 billion euros (AUD$7.28 billion) by 2025.
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