Puig Sales Rise 9.6% in First Half

Puig’s first-half sales rose 9.6% to 2.2 billion euros ($2.4 billion at current exchange rates) in the first half 2024. But net profits fell 26% to 153.8 million euros ($171 million). CEO Marc Puig blamed the costs related to its initial public offering and employee bonuses for the disappointing earnings. During a presentation to analysts, Puig maintained he expects annual growth of 6-7% through 2027.

Puig also noted that the company’s share of the selective fragrance category grew 60 basis points to 11.3% in value terms, compared to a year ago. In other categories, skincare sales jumped 25.2%, but makeup sales declined 1.8%.

“While our fragrance and fashion business remains our largest segment, we further diversified into skin care — the fastest-growing business segment during the first half — with a strong organic growth component and a strategic brand acquisition (Dr. Barbara Sturm),” said Puig said in a statement.

He said he expected to continue to see strong momentum across EMEA and was optimistic about sales in the US for the rest of the year. Asia-Pacific, which contributes 9% of its sales, will remain soft, he said. EMEA generated 53% of its total sales and the rest 38% came from the Americas.

Later this year, Puig will introduce Rabanne the Million Gold line with Gigi Hadid as the face of the new brand. Jean Paul Gaultier will also launch two additional fragrances in the second half.