The Spanish conglomerate is on track to hit its goal of €4.5 billion in annual sales by 2025 ahead of schedule.

Puig, announced record 2023 results of €4.3 billion ($4.68 billion), a 19 percent increase year-over-year. Earnings before interest, taxes, depreciation, and amortisation rose 33 percent to €849 million ($925 million).

The Spanish conglomerate saw growth across all sectors and regions, with its fragrance and fashion division growing by 17 percent, including top sellers Rabanne’s 1 Million fragrance, Carolina Herrera’s Good Girl perfume and the launches of Jean Paul Gaultier’s Le Male Elixir and Gaultier Divine.

Makeup sales rose 23 percent to €773 million ($842 million), thanks to the success of Charlotte Tilbury, which the company purchased in 2020. Skincare, boosted by Charlotte Tilbury’s hit Water Cream and products from dermatology brands Uriage and Apivita, was the company’s fastest growing segment.

Unlike competitors Estée Lauder Companies and Shiseido, which saw sales slumps due to poor performance in China, Puig reported growth of 26 percent to €439 million ($478 million) for the year in the Asia-Pacific region. Driven by the popularity of Charlotte Tilbury and Byredo, Puig’s China sales increased 27 percent in 2023.

”We have achieved these strong results thanks to our strategy of building up a portfolio of owned brands, focusing on prestige products and expanding our leadership in niche fragrances and makeup,” said Marc Puig, chief executive and chairman of Puig in a statement.

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