Jean Paul Gaultier owner Puig’s sales boosted by fashion and fragrance
Puig, the owner of Carolina Herrera, Dries Van Noten and Jean Paul Gaultier, has managed to escape unscathed by the slowdown in luxury shopping. Today, the conglomerate revealed strong sales growth of 11.6% during the third quarter of 2024, boosted by “fashion and fragrance”.
During the third quarter, the company reported net revenues reached £1.04 million (€1.25 million), up by 11.6% year-on-year.
Its Q3 growth was led by the double-digit growth of both fragrance and fashion as well as Puig’s largest market, EMEA. Specifically, the fashion and fragrance category was up by 11.1% during Q3.
In the third quarter, sales in the Americas were up by 9.8%. Plus, Unlike luxury rivals who are seeing a major decline in the Asia-Pacific region, Puig experienced positive growth in the region. This sector represented 8% of net revenue.
Marc Puig, Chairman and CEO, said: “Puig delivered double-digit revenue growth in the third quarter amid a complex operating environment for the sector. This result highlights the health and resilience of our core business — particularly fragrances — which saw an acceleration in Q3 and continues to outperform the premium beauty market.
“Our product and geographic diversity, combined with the strength of our brands and targeted investments, have enabled us to deliver solid revenue and profit growth across the company. With net revenue up +9.6% like-for-like in the first nine months of the year, we remain confident in our ability to outperform the premium beauty market, achieving our medium-term guidance.”
