Retail in Asia


Puig posts record revenues in 2023, APAC clocks highest regional growth

Premium beauty and fashion group Puig closed 2023 with record net revenues of 4.3 billion euros, up 19 percent on 2022, with double-digit growth across all segments and geographies.

SEE ALSO: Puig acquires majority stake in luxury skincare brand Dr. Barbara Sturm

Puig’s net revenues grew by over 18 percent year-on-year in all regions, with the highest growth coming from the Asia Pacific region.

In Asia, which accounted for 10 percent of global revenues in 2023, Puig recorded an increase of 26 percent. The positive performance follows Puig’s strategic investment in regions with high growth potential for the company’s brands and the establishment of a strong presence in Asia, including in China and India, the Spanish company said.

China, the leading Asian market in terms of revenue, recorded an uptick of 27 percent in 2023, driven by the popularity of Charlotte Tilbury, Puig’s largest brand in the region, and Byredo, the fastest growing niche brand, the company added.

By category, Puig registered a 17 percent increase in the fragrances and fashion segment compared to 2022, fueled by the strength of its own brands, including Rabanne which exceeded revenues of EUR 1 billion, and Jean Paul Gaultier became the fastest growing brand in the Puig portfolio.

Puig’s makeup business segment recorded a 23 percent increase in revenues, while skincare rose by 31 percent in 2023, becoming the fastest-growing segment, pushed on by Charlotte Tilbury.

“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. We have kicked off 2024 with positive momentum, including the strengthening of our foothold in premium skincare with the acquisition of Dr. Barbara Sturm. We also celebrated the inauguration of our new building in Barcelona, in the presence of the King and Queen of Spain, and new offices in New York, which are a testament to our continued investment in Puig’s operations and presence in key countries.”

Founded in 1914, Puig’s portfolio today includes Rabanne, Carolina Herrera, Charlotte Tilbury, Jean Paul Gaultier, Nina Ricci, Dries Van Noten, Byredo, Penhaligon’s, L’Artisan Parfumeur, Uriage, Apivita, Dr. Barbara Sturm, Kama Ayurveda and Loto del Sur. The company also holds the beauty licenses of Christian Louboutin, Banderas and Adolfo Dominguez, among others.