Spanish luxury conglomerate Puig said global revenues for 2022 increased by 40 percent to EUR 3.62 billion euros (USD 3.9 billion), coinciding with a double-digit surge in its Asia market, as the company reinforced its presence in India during the twelve months.
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Puig Asia revenues, which accounted for 10 percent of total revenues, surged 41 percent in 2022 to EUR 349 million, compared to the previous year. In China, the most relevant market in the region and a top 10 market for Puig, the company achieved 36 percent growth, even with the zero-Covid measures in place.
During the year, the company also incorporated Indian brand Kama Ayurveda, reinforcing the presence of Puig in India with a network of its own shops.
The company record double-digit growth across all categories including fragrances and fashion, makeup, and skincare.
For 2022, total net income rose to EUR 400 million, up 71 percent, compared to the previous year.
“The company achieved these record results in spite of a complex geopolitical environment, plus the impact of inflation and rising interest rates,” said Puig in a press release, adding its results were “boosted by the good performance of its own brands in a market that is growing thanks to the recovery of consumer spending.”
Based in Barcelona, Puig’s brand portfolio includes Carolina Herrera, Paco Rabanne, Jean Paul Gaultier, Dries Van Noten, Nina Ricci, Byredo, Penhaligon’s, L’Artisan Parfumeur, Kama Ayurveda and Loto del Sur. It also holds the licenses of Christian Louboutin and Comme des Garçons Parfums, and for lifestyle fragrances Antonio Banderas, Adolfo Dominguez and Benetton.