Puig, a fashion and fragrance firm with headquarters in Barcelona founded by Antonio Puig Castelló in 1914 is celebrating 100 years in business.
Puig Tower, the new corporate headquarters
To celebrate the first 100 years of its corporate history, Puig has inaugurated Puig Tower, designed by world-renowned Spanish architect Rafael Moneo, winner of the Pritzker Prize and the Prince of Asturias Award for the Arts, and GCA Arquitectos.
The company’s new 100-meter-high headquarters, located in the Plaza Europa of L’Hospitalet de Llobregat, Barcelona, occupies 15,000 square meters distributed over 23 floors.
Puig Tower has received LEED Gold certification, and is one of a select group of nine buildings in Spain to have qualified for this distinction.
Results 2013
Puig reports net revenues of €1,499 million in 2013. The company’s pre-tax profit was €248 million, and its net income was €176 million.
Sales in 2013 were up by 5% on a like-for-like basis and reported growth was 1%. The discrepancy between these figures is due to the company’s broad exposure in emerging markets where local currencies fell against the euro, and to the strength of the euro against the US dollar.
Net revenues for 2013 were €1,499M and net income was €176M
Puig is now the sixth-ranking firm in the international selective perfumery sector, with an 8.6% share of that market Growth of Net Revenues and Net Income (2012-2013)
In millions of euros
2012 2013 FY12/FY13 Like-for-like growth
Net revenues 1,488 1,499 1% 5%
Earnings before interest and taxes (EBIT) 254 256 1%
Profit Before Tax (PBT) 246 248 1%
Taxes 71 72 --
% of tax on PBT 29,1% 29,2% --
Net Income 173 176 2%
Market share in Selective Perfumery sector 8,1% 8,6% --
Worldwide Presence
2013
% of sales revenues generated outside Spain 86%
% of sales revenues for emerging markets* 48%
% of production in Spain ** 67%
% of production in France ** 31%
* Outside the EU and North America
** Production value in euros
At end 2013, Puig had 4,204 employees, 40% of whom worked in Spain.
The company’s three production facilities in Spain manufacture 67% of Puig products sold around the world; its factory in Chartres, France is responsible for another 31%.
Puig presently has subsidiaries in 21 countries and sells its products in more than 140 countries around the world.
2013
Total Employees 4,204
Outside the EU 1,437
Spain 1,677
France 712
EU 378
Total Employees 2013: 4,204
2004 – 2013: ten years of continued growth
Since its founding in 1914 as a local cosmetics distributor, Puig has gone on to become a
multinational corporation whose products are distributed in more than 140 countries. Over the last decade, sales have grown by 7% per annum. During this period, net revenue has risen from €790 million to €1,499 million. Pre-tax profits have soared from €4 million in 2004 to €248 million in 2013; and the company’s net income from €1 million to €176 million.
In the same ten years, international sales have grown from representing 51% of total turnover in 2004 to 86% of total turnover in 2013. Puig has expanded its share of the international select perfumery market from 3.4% in 2005 to 8.6% in 2013.
Net Revenues and Net Income (2004 – 2013)
Growth of Sales in Spain / Rest of World
Net Revenues
Net Income
Net Revenue
(in millions of euros)
Net Income
(in millions of euros)
Growth of International Market Share in Selective Perfumery
*Source: Company figures
This period has been marked by spectacular product launches. Fragrances such as Carolina Herrera’s
CH and 212 lines, Nina by Nina Ricci, and Paco Rabanne’s Black XS, 1 Million, and Invictus have made it possible for Puig to position itself among the world’s top six companies specializing in selective perfumery. Over the last decade, Puig has also signed licensing agreements with names such as Prada, Valentino and Comme des Garçons. The most recent agreement, with Benetton, was concluded in 2013.
On the fashion front, Puig continued to consolidate its model for building luxury brands in 2013.
Puig entered the world of fashion in 1987 with Paco Rabanne, a brand for which it had created the legendary fragrance Calandre in 1969. The company formed an alliance with Carolina Herrera in 1995 and another with Nina Ricci in 1998. Puig became majority shareholder of the fashion house Jean Paul Gaultier in 2011, a move that consolidated its position in the luxury sector.
These strategies have enabled Puig to develop a hybrid model unique in its sector. Puig shapes the images of its brands through fashion, then translates them successfully into the world of perfumery.
The company’s solid growth over the last ten years has been praised by the prestigious Harvard Business School (HBS), which has published a case study detailing the firm’s history, its successful business strategies and its perspectives for the future.
Outlook
Puig has launched a new corporate website to mark its 100th Anniversary: (www.puig.com).
With a market share of 8.6%, the company is currently the sixth-ranked player in the international selective perfumery sector. It hopes to raise its share to 12% and occupy the number-three spot in this market by 2020.
About Puig
Puig is a third-generation family-owned fashion and fragrance business based in Barcelona. The strength of Puig lies in its ability to build brands, to shape the image of brands through fashion, and to translate that same image into the world of fragrance through storytelling and product excellence.
Puig success stories include a combination of owned brands such as Carolina Herrera, Nina Ricci, Paco Rabanne and Jean Paul Gaultier, licenses such as Prada, Valentino and Comme des Garçons, and celebrity fragrances.
Puig products are sold in more than 140 countries.
More Information:
Grace Sawabini grace.sawabini@havasprme.com
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