In the third quarter of 2024, Puig achieved 11.6% like-for-like net revenue growth, reportedly out-performing the rest of the premium beauty market. The results were in strong contrast to several other beauty multinationals, which have been hampered by weakness in China and slower growth in prestige sectors, particularly in North America.
Key Puig Q3 2024 Highlights
Fragrance
New launches like Paco Rabanne's Million Gold and the first Nina Ricci fragrance in ten years, Venus, reportedly contributed to the success. Existing brands like Jean Paul Gaultier and Carolina Herrera's Good Girl have maintained their top positions in the global fragrance market.
Makeup
Sales grew 7.3% as the gap between production and sales narrowed. While Europe and the Americas saw strong growth, Asia Pacific remained sluggish. Charlotte Tilbury, Puig's leading makeup brand, continued to shine, particularly in its core markets.
Skin Care
This segment achieved double-digit growth (18.6%) thanks to strong sales of existing dermoosmetic brands. The integration of Dr. Barbara Sturm is on track, with the brand performing as expected.
Puig’s Regional Q3 Performance
EMEA remained Puig’s largest region, with Q3 sales growth up 13.9%. EMEA achieved net revenue of €1,830 million, up 12.7% compared to the first nine months of 2023.
Puig also saw significantly positive performance in the Americas, with Q3 powered by double-digit growth in the U.S. market as a result of continuously strong demand for fragrance and cosmetics.
For the nine-month period of 2024, the region achieved €1,291 million in net revenue, up 9% compared to the same period in 2023.
APAC is Puig’s smallest region, representing only about 8% of net revenue in Q3. Although it is the smallest region, Puig’s APAC sales increased by 1% in the quarter despite continued market challenges. This resulted in €308 million in net revenue for the first nine months of 2024, up 0.8% year-on-year both on a reported and constant perimeter basis.
The company continues to make long-term investments in the region at a measured pace, including in China (where Puig has a limited presence), India, Japan and South Korea. The region represented 9% of Puig’s net revenue in the nine-month period of 2024.
Puig’s Key Q3 Drivers
Puig's strong performance during Q3 of 2024 can be attributed to several factors, including:
- Strong brand portfolio: The company's portfolio of iconic brands like Carolina Herrera, Paco Rabanne, and D&G Beauty, continues to resonate with consumers.
- Successful product launches: The introduction of new and innovative products has likely contributed to driving growth and capturing market share.
- Effective marketing and distribution strategies: Puig's focus on targeted marketing campaigns and strategic distribution partnerships has helped to boost sales.
Marc Puig, chairman and CEO, said, “Puig delivered double-digit revenue growth in the third quarter amid a complex operating environment for the sector. This result highlights the health and resilience of our core business—particularly fragrances—which saw an acceleration in Q3 and continues to outperform the premium beauty market.”
Puig adds, “Our product and geographic diversity, combined with the strength of our brands and targeted investments, have enabled us to deliver solid revenue and profit growth across the company. With net revenue up +9.6% like-for-like in the first nine months of the year, we remain confident in our ability to outperform the premium beauty market, achieving our medium-term guidance.”
