03.07.24
Happi International Top 30 Company Puig closed 2023 with record net revenues of $4.7 billion – an increase of 19% on 2022 with double-digit growth across all segments and geographies.
The results are “significantly ahead” of the company’s 2021 plan to reach $3.28 billion in revenues in 2023. Due to the company’s beauty market-beating growth in the last three years, the company has achieved its objective of doubling 2020 net revenues one year ahead of schedule and nearly tripled them two years ahead of schedule.
“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,” said Marc Puig, chairman and CEO of Puig. “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.”
Performance By Segment
Puig grew in all segments (fragrances, makeup and skincare), with double-digit revenue growth versus 2022, ahead of the market average.
Rabanne reached $1.09 billion net revenue mark for the first time. The makeup business segment recorded a 23% increase in revenues in 2023 and made up 18% of Puig’s net revenues (versus 17% in 2022). Momentum in this segment continued to be driven by the success of Charlotte Tilbury, which celebrated its 10-year anniversary with a positive performance in the United Kingdom, North America and Europe, the Middle East, Australia and Singapore. The strong growth in the segment was further fueled by the acceleration in the Middle East and Latin America, the performance of Christian Louboutin Beauté and the positive reception of the launch of Rabanne's makeup line, which is advancing the brand’s appeal with new and diverse audiences.
The incorporation of the full- year results of Loto del Sur and Kama Ayurveda, both acquired in 2022, was key to achieving this strong double-digit growth in 2023. The segment was once again reinforced with the acquisition of Dr. Barbara Sturm in January 2024.