10.31.24
Spanish beauty and fashion company Puig released its third-quarter financial results, which exceeded market expectations. The company saw an 11.1% sales growth with $3.721 billion (3,43 billion euros).
Chairman and CEO, Marc Puig, commented,
“We are pleased to report an acceleration in the third quarter versus first half. This resulted in a robust performance in the first nine months of 2024… With double-digit growth in this segment, we continue to reinforce our competitive position and capture incremental value market share.”
Puig attributed growth to its fragrance and fashion segments in the EMEA and the American market. In the first nine months, Puig recorded a 10.9% increase in sales in its fragrance and fashion business.
The company’s makeup sales grew 5.4% to $580 million (545 million euros) in Q3. Growth was attributed to improved performance in the Americas and EMEA regions. Charlotte Tilbury was noted as the largest Puig makeup brand, which is expected to launch in Ulta in Q4, according to Puig.
Puig’s skincare sales increased 22.9% to $413 million (381.5 million euros). The integration of Dr. Barbara Sturm was noted as a large contributor to sales growth in this segment.
Puig concluded,
“We remain very confident in our ability to deliver for fiscal-year 2024 [results] in line with our mid-term guidance. We manage a diversified and curated portfolio of brands and continue to feel encouraged by our consolidated performance across our complementary brands and segments, which balance different and evolving market dynamics.”
Chairman and CEO, Marc Puig, commented,
“We are pleased to report an acceleration in the third quarter versus first half. This resulted in a robust performance in the first nine months of 2024… With double-digit growth in this segment, we continue to reinforce our competitive position and capture incremental value market share.”
Puig attributed growth to its fragrance and fashion segments in the EMEA and the American market. In the first nine months, Puig recorded a 10.9% increase in sales in its fragrance and fashion business.
The company’s makeup sales grew 5.4% to $580 million (545 million euros) in Q3. Growth was attributed to improved performance in the Americas and EMEA regions. Charlotte Tilbury was noted as the largest Puig makeup brand, which is expected to launch in Ulta in Q4, according to Puig.
Puig’s skincare sales increased 22.9% to $413 million (381.5 million euros). The integration of Dr. Barbara Sturm was noted as a large contributor to sales growth in this segment.
Puig concluded,
“We remain very confident in our ability to deliver for fiscal-year 2024 [results] in line with our mid-term guidance. We manage a diversified and curated portfolio of brands and continue to feel encouraged by our consolidated performance across our complementary brands and segments, which balance different and evolving market dynamics.”
