Beauty and fashion multinational player Puig has reported a stellar performance from its travel retail business in 2022, with revenues rising +72% and +28% against 2021 and pre-pandemic 2019, respectively.
Puig – whose own brands include Carolina Herrera, Paco Rabanne, Jean Paul Gaultier, Penhaligon’s and Charlotte Tilbury – noted the importance of travel retail was reaffirmed in 2022, with the pre-launch of Paco Rabanne fragrance Fame in the channel.
In its overall results, the company closed 2022 with record net revenues of €3,620 million, an increase of +40% against the prior year (+30% at comparable perimeter and with constant exchange rates).
Puig said the highly-positive result was boosted by the strong performance of its own brands in a market that is growing thanks to the recovery of consumer spending.
EBITDA reached €638 million in 2022, a +37% increase against 2021. Net income rose to €400 million, up +71% year-on-year. Puig said that it achieved these record results in spite of a complex geopolitical environment, plus the impact of inflation and rising interest rates.
Performance by category
Puig accelerated its growth in the fragrances and fashion category ahead of the market average in 2022, with a +40% year-on year increase in net revenues.
The company reaffirmed its position in the fragrance market and reached a global market share of 10% for the first time in its history, a result it credited to the performance of its own brands including Paco Rabanne and Carolina Herrera, both world top ten fragrance brands.
With a +52% increase of revenues over the previous year, makeup was the Puig category with the largest growth in 2022, led by the Charlotte Tilbury and Carolina Herrera brands. Meanwhile, revenue in the skincare category grew +20% year-on-year.
Puig increased its digital net revenues by +23% in 2022 over the previous year, and the channel now accounts for 25% of total revenue.
Regional performance
The company’s global structure was reinforced with the incorporations of Byredo, Loto del Sur and Kama Ayurveda, which consolidate the presence of Puig in India, Colombia, China and USA, among other countries.
Puig grew by over +30% in net revenues compared to 2021 in all regions, the highest growth coming in the Americas, which reported growth of +56%. That growth came mainly in the US, with additional benefit coming from the appreciation of the US dollar against the AEuro.
In EMEA, which accounts for 54% of overall revenue, Puig recorded +31% year-on-year growth, which it described as a positive performance achieved despite geopolitical tension.
In Asia, which accounts for 10% of revenues, Puig recorded +41% growthcompared to the previous year. In China, the company post a +36% rise in net revenues which it said was achieved even with the zero-COVID measures in place.
Future positive
Although it pointed out that the outlook for 2023 remains uncertain, Puig forecasts that it will continue to grow ahead of the market in the next financial year. The company said this has been confirmed by a very positive performance in the first two months of 2023. 
