Puig posts robust FY revenue and profit, ups 2022 guidance

Spanish fashion and fragrance group Puig has reported soaring revenue in fiscal year 2022, and now expects revenue for the coming year to exceed 3 billion euros.

The company, whose portfolio includes brands Charlotte Tilbury, Jean Paul Gaultier and Dries Van Noten, reported annual revenue of 2.585 billion euros in 2021, a 68 percent increase compared to 2020 and a 27 percent increase compared to pre-pandemic 2019 levels.

The group said sales growth was boosted by the incorporation of the Derma division and Charlotte Tilbury. It said the recovery of the markets in EMEA and the growth of the business in the US and Asia also boosted its results.

Pandemic recovery

The economic impact on the business caused by the pandemic “significantly decreased” during the year, allowing for a “substantial” recovery across all its divisions.

In the beauty and fragrance category, Puig recorded a 41 percent increase in sales compared to 2020. Meanwhile in fashion, the group noted the “resilience” of Belgian label Dries Van Noten, which maintained its 2019 levels despite the pandemic.

Puig’s bottom line also significantly improved during the year. The group reported an annual net income of 234 million euros compared to a loss of 70 million euros a year earlier, while its EBITDA grew to 425 million euros from 93 million euros.

Puig said the better-than-expected growth for the year means it now forecasts revenue of over 3 billion euros in fiscal year 2022, which is one year ahead of schedule in its strategic plan.