Puig delivered net revenue of EUR 1,257 million in the third quarter 2024, up +11.6% like-for-like. In a harsh economic context for luxury brands, the Spanish group exceeded analysts’ expectations.
“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. 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,” said Marc Puig, Chairman and CEO.
The Barcelona-headquartered group, which is behind brands such as Rabanne, Carolina Herrera, Jean Paul Gaultier, Charlotte Tilbury and Byredo, is less sensitive to the Chinese market than many of its competitors. More than half of its net sales are in the Europe, Middle East and Africa (EMEA) region, where they are up 14% in the last quarter.
The Americas, which represent 38% of sales, are up 9.8% (EUR 676.1 million in the 3rd quarter), while the Asia-Pacific (APAC) region, the smallest in terms of revenue contribution, is up 1% to reach EUR 104.2 million.
The group’s Fragrance & Fashion division continued its strong momentum in Q3 with revenues up +11.1%, driven by EMEA and the Americas. In the first nine months of 2024, Fragrance and fashion generated net revenue of EUR 2,534 million (73% of Puig’s net revenue in the period), an increase of +10.9% on both a reported and constant perimeter basis compared to the same period of 2023.
Makeup grew +7.3% in Q3. The cateory saw strong growth in EMEA and improving performance in the Americas while APAC continued to show softness. For the nine-month period of 2024, Makeup recorded a net revenue of EUR 535 million (16% of Puig’s net revenue in the period), an increase of +1.4% on a reported and constant perimeter basis against 2023.
