Puig, a diversified fashion and fragrance brand, saw a colossal rise of 40% in the year 2022, to €3.620 billion, thanks to the good performance of their brands in a market that is recovering from the pandemic. The group scored EBIDTA of €638 million, which was a 37% increase compared to 2021. The net income rose to €400 million, which was a jump of 71% compared to the last year. The company was able to achieve these results despite the impact of inflation, rising interest rates, and a complex geopolitical environment.
Puig also has control of five noted fashion houses – Paco Rabanne, Carolina Herrera, Dries Van Noten, Nina Ricci, and Jean-Paul Gaultier, and expects to reach an annual turnover of €4.5 billion by the year 2025. A three-year plan for Puig, which was presented in March 2021, aimed at sales of €3,000 million in 2023 and €4,500 million in 2025. As the company saw immense growth in the last two years, it was successful in achieving its ambition of doubling the net revenues of 2020 one year ahead of schedule, which puts the company in a strong position to reach its goal of €4,500 million in revenues in 2025.
The company also revealed its key drivers in growth – perfumes and fashion, which accounted for a turnover of 74% or €2.665 billion. While the group does not seem to break the annual sales of fashion, it is believed to exceed €250 million. The fragrance division was driven by brands including Paco Rabanne and Carolina Herrera, and the prestige segment also was improved by fragrances from Jean-Paul Gaultier along with Paco Rabanne and Carolina Herrera.
The fashion division saw success from the signing of Harris Reed as Artistic Director of Nina Ricci, the collaboration method executed in the haute couture and prêt-à-porter collections of Jean-Paul Gaultier, and the consolidation of the proposals of Julien Dossena at Paco Rabanne and Wes Gordon at Carolina Herrera.
Puig carried out some important acquisitions in 2022, where it acquired a majority stake in the Swedish luxury brand Byredo and incorporated the wellness brands Kama Ayurveda and Loto del Sur. All these brands have a direct channel with the consumers and are passionately committed to sustainability. Puig also has control or holds long-term licenses for the fragrance and beauty business of Charlotte Tilbury, Christian Louboutin, Antonio Banderas, Adolfo Dominguez, Penhaligon’s, and L’Artisan Parfumeur.
The digital revenues of Puig saw a 23% increase against 2021 and this has led to the channel accounting for 25% of total revenue. The travel retail channel also saw a growth of 72% in 2022. Compared to 2019, travel retail was also up by 28%, which surpassed pre-pandemic levels.
Looking at the sales geographically, America was the fastest-growing area, rising 56% to €1,132 billion, which was aided by the opening of a strategic bureau in Miami. Europe and the Middle East were the most important regions with a rise of 31% to €1,959 billion in sales. The rest was covered by Asia, with a turnover of €349 million. Beauty sales saw a rise of 52% to €626 million led by rapid sales advances at Charlotte Tilbury and facial care saw up to a 20% rise in sales to €328 million.
The group was also quite keen to underline its commitment to ESG. Puig obtained a Gold Medal certification from Eco-Vadis and an A-score in the Climate Change category from the CDP, in 2022. With one of the highest scores in the industry, the Apivita brand obtained the revalidation of its BCorp Certification.