Puig grows and opens to the African market

Puig is a major fashion and beauty company based in Barcelona, producing perfume brands like Rabanne, Carolina Herrera, and Jean Paul Gaultier. After debuting on the Spanish stock exchange in May, the company has grown beyond all expectations. Indeed, Puig reported net sales of €1.26 billion (equivalent to $1.35 billion) in the quarter ending September 30, surpassing analysts' forecasts, which averaged around €1.17 billion.

Expansion into the African Market

Unlike its competitors, Puig is less exposed to the Chinese market. Over half of the Spanish company’s net sales come from Europe, the Middle East, and Africa, with a remarkable 14% growth in this region over the last quarter. Sales in Asia rose by 1%, and in the Americas, growth reached 10%.

CEO Marc Puig’s Perspective and Global Sales Figures

The sector with the most potential for the holiday season? Fragrances, according to CEO Marc Puig. “We see optimism for Christmas,” he stated during a conference call with analysts following the release of the results. In September, Puig—also the owner of luxury skincare and makeup brands Byredo and Charlotte Tilbury—had indicated to investors that this year’s sales are expected to grow at a faster rate than the 6-7% forecast for the global premium beauty market. The company’s net sales increased by 10%, reaching €3.42 billion ($3.71 billion) in the first nine months of the year. Sales in the fragrance segment, which generates the majority of Puig’s revenue, rose by 11%, while skincare sales grew by 19%. The company’s makeup brands saw a 7.3% increase, despite weaker cosmetic product sales in Asia.