Puig reports 3.6 billion euros in revenue for 2022

Beauty and fashion giant Puig has outlined its financial results for the year 2022, reporting an impressive 3.62 billion euros in net revenues, up 40 percent from 2021.

The Spanish group, which operates beauty for the likes of Charlotte Tilbury, Jean Paul Gaultier, and Dries Van Noten, said EMEA was its highest performing region, representing 54 percent of net revenue, while the Americas contributed 36 percent and Asia made up 10 percent.

Its top category was fragrances and fashion, which made up 74 percent of its net revenue, while makeup made up 17 percent, and skincare contributed 9 percent.

Puig noted that its fashion category is “growing at the same pace as the company” and playing “an increasingly relevant position”.

It said this was 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”.

It also described Dries Van Noten as becoming “one of the benchmark firms in the industry”.

Puig’s FY profit widens

Puig’s major moves in 2022 included its acquisition of a majority stake in Swedish luxury brand Byredo, as well as the incorporation of wellness brands Kama Ayurveda and Loto del Sur.

The group’s net income increased 71 percent to 400 million euros in the year, while EBITDA rose 37 percent to 638 million euros.

Puig said its growth has put it in a “strong position” to achieve its goal of 4.5 billion euros in revenues in 2025.

Looking ahead, Puig said its outlook for 2023 “remains uncertain”, but “forecasts that it will continue to grow ahead of the market in the next financial year”, which has been confirmed by “a very positive performance” in the first two months of the year.

Puig joins a string of beauty giants reporting positive results for the past year, including L’Oréal, which saw revenue up 13.5 percent in Q4, Coty, which raised its outlook in light of strong Q2 results, and Ulta Beauty, which surpassed 10 billion dollars in revenue for the first time in 2022.