Puig closed 2023 with record net revenues, the company reports—and its fragrance segment reached an all-time high.

The company’s earnings were €4.3 billion (approximately $4.7 billion), which is a 19% increase from 2022. There was double-digit growth across all regions and segments.

Puig’s largest divisions are fragrance and fashion, which make up 72% of its total business—and these categories rose by 17%. 

Marc Puig, chairman and CEO commented:

“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.”

“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.”

Here are more highlights:

• Puig fragrances reached an all-time high market share of 11% in selective distribution,
underpinned by the strength of its own brands


• Strong growth in the makeup segment (+23%) in a year that saw skincare became Puig’s fastest growing business segment (+31%)

Puig’s Growth by Segment

Fragrances and fashion saw a 17% increase compared to 2022.

This represented 72% of Puig’s net revenues in 2023. This was mostly due to the success of Rabanne’s new brand identity launch and its 1 Million fragrance, Carolina Herrara’s Good Girl fragrance and Jean Paul Gaultier’s Le Male Elixir and Gaultier Divine. 

Makeup, which is 18% of Puig’s business, rose in revenue by 23%.

Charlotte Tilbury is driving success in this category. The brand celebrated its 10th anniversary and plans to launch in Ulta stores across the U.S. in 2024. Christian Louboutin Beauté and Rabanne’s makeup line performed well.

Skincare becomes Puig’s fastest-growing segment.

Revenues in the skincare segment rose by 31% in 2023, becoming Puig’s fastest-growing segment. This increase was partly driven by Charlotte Tilbury’s leading product, Magic Cream. The acquisition of Kama Ayurveda and Loto del Sur in 2022 also contributed to the category’s success—and its skincare division also grew with the acquisition of Dr. Barbara Sturm in January 2024.

Puig is also reinforcing its sustainability initiatives. See the full Puig 2023 Annual Results Report here—and watch the video below.