Puig, the Spanish beauty company behind perfume brands Rabanne, Carolina Herrera and Jean Paul Gaultier expects its revenues to grow between 6% and 8% this year after reporting an 11% increase in sales last year.

The company, which also owns luxury skincare brand Byredo and makeup brand Charlotte Tilbury, said the weaker predicted growth was due the market’s moderation, particularly in the make-up and skincare segment.

The forecast also takes into account possible new tariffs in the United States.

The company said its full-year net profit reached 531 million euros ($552.82 million), a 14% rise from 2023. Analysts, on average, had expected a profit of 542.5 million euros. Sales reached 4.79 billion euros, up 11%.

The Spanish company had surpassed its goal of growing sales faster than the 6%-7% forecast for the global premium beauty market last year.
The company, which first listed on the Madrid stock exchange in May, has seen its share price plunge 25% since the initial public offering (IPO).

Puig blamed costs related to the IPO and the payment of employee bonuses for a 26% fall in net profit in the first half of the year.

The Barcelona-based company reported strong holiday season sales thanks to less exposure to sluggish demand in China.

Half of its revenue comes from Europe, the Middle East and Africa (EMEA), and a third from the Americas.

The beauty group said higher growth in fragrances helped it offset slower business in the make-up sector.

Larger rivals such as L’Oreal and Estee Lauder reported slower sales in 2024 due to weak Chinese demand and persistent inflation in the United States, which also dented demand for beauty products.