The Spanish fashion and cosmetics group Puig SL drew a positive balance of the 2021 financial year on Monday. The parent company of brands such as Dries van Noten, Jean Paul Gaultier, Paco Rabanne and Nina Ricci was able to increase sales sharply and return to profitability. Puig has thus “survived the temporary effects of the pandemic,” the group said.
Annual sales amounted to around 2.58 billion euros, exceeding the 2020 level by 68 percent. The newly acquired cosmetics brands Charlotte Tilbury, Uriage and Apivita boosted the pace of growth. On a like-for-like basis, revenue increased 40 percent year-on-year. Compared to the pre-crisis year of 2019, group sales increased by 27 percent. According to the company, in addition to the acquisitions, “the recovery of the markets in the EMEA region and growth in the USA and Asia” also had a positive impact on the results.
Thanks to the strong growth in sales, earnings before interest, taxes, depreciation and amortization (EBITDA) were more than four times as high as in the previous year at EUR 425 million (+357 percent). It was 27 percent above the level of 2019. The bottom line was a net profit of 234 million euros after the group had to post a loss of 70 million euros in 2020.
The company was optimistic for the current year: the positive trend continued in the first few months and the pace of growth exceeded expectations, the group explained. Management now expects to increase sales to more than EUR 3.0 billion and EBITDA to EUR 500 million this year. The company emphasized that these targets were only targeted in the strategic planning for 2023. The aim is therefore to continue to achieve three times as much sales in 2025 as in 2020.