Puig continues to break barriers and break records. The Catalan company in the beauty sector yesterday published its results for the 2023 financial year. Puig continues to grow by leaps and bounds. In terms of net profit, it ended 2023 with a figure of 465 million euros, 16% more than last year's profit.
The Catalan company is also pleased to have reached a new record in sales figures. In 2023, sales exceeded 4,300 million euros, 19% more than the previous year and with double-digit growth in all segments in which the company operates and also in all geographical areas, with the United States being the 'top' in terms of sales for Puig.
The company itself assures that these figures are much higher than what it had planned in 2021, when it estimated that the sales figure for the 2023 financial year would be 3,000 million euros. The company has pointed out that its own growth over the last three years is above the increase in the beauty market as a whole: "Puig has doubled its net income in 2020 one year earlier than planned and practically tripled it two years ahead of schedule".
Puig's gross operating profit in 2023 was just one million short of 850 million, which already represents an increase of 33% over 2022 and an Ebitda margin of 20%. The company attributes these results to its strategy of building a portfolio of own brands focused on Prestige products and expanding its leading position in the Niche fragrance, make-up and skincare markets.
Dermo-cosmetics is the fastest growing category in terms of sales in 2023
Dermo-cosmetics has been the area of Puig that has grown the most compared to last year. In total, sales increased by 31% compared to the previous year. However, the area that continues to provide the most value for the company is fragrances and fashion, which represents more than 3,115 million euros and saw its sales increase by 17%. Make-up continued to grow with 23% more than in 2022, due to the success of its Charlotte Tilbury brand, which celebrated its tenth anniversary and experienced higher sales in the UK, North America, Europe, the Middle East, Australia and Singapore.
United States in Puig's 'top' list
Puig grew in all regions and this represented an 18% increase in sales in all geographic areas. Although Asia Pacific experienced the strongest growth, the United States and North America accounted for 36% of sales and Puig's growth was driven primarily by the United States, Mexico and Brazil. Puig also experienced solid growth in its digital sales, reaching 26% of total sales, up 1% from 2022.