Signaling continued momentum in premium beauty, Puig reported revenues grew 9.6 percent in the first half to 2.2 billion euros, with like-for-like growth amounting to 8.5 percent.
In the six months ended June 30, adjusted net profit improved 4.8 percent to 238 million euros.
Filing its first results since going public last May, the Spanish beauty and fashion group trumpeted that its market share in selective fragrances gained 60 basis points to 11.3 percent in value terms, compared to June 2023.
“While our fragrance and fashion business remains our largest segment, we further diversified into skin care – the fastest growing business segment during the first half – with a strong organic growth component and a strategic brand acquisition,” Puig chairman and CEO Marc Puig said in a statement, referring to the deal in January that added Dr. Barbara Sturm to its portfolio.
Its skin care segment advanced 25.2 percent on a reported basis, while makeup sales dropped 1.8 percent.
“This contraction comes against the backdrop of a more challenging environment,” it noted.
Fragrances and fashion, billed as Puig’s largest and most profitable business segment, gained 10.7 percent to 1.6 billion euros, representing 73 percent of total revenues.
Puig highlighted the “exceptional performance” of Jean Paul Gaultier, which joined its Carolina Herrera and Rabanne brands in the top 10 ranking fragrances worldwide. It credited the successful launch of Gaultier’s La Belle, Le Beau and Scandale Absolu scents.
On a constant perimeter basis, first-half revenues rose 10.5 in EMEA, 7 percent in the Americas and 0.7 percent in Asia-Pacific, where the Christian Louboutin and Charlotte Tilbury brands took a hit amid subdued consumer demand.
