Charlotte Tilbury drives 153% makeup growth at new parent company
Fashion and beauty conglomerate Puig, which acquired makeup label Charlotte Tilbury in 2020, has revealed that the beauty brand is largely responsible for a 153% year-on-year growth in its makeup category during the 2021 financial year.
The company added that the Christian Louboutin brand as well as geographical expansion and the opening of new points of sale in the US and China had also contributed to the growth.
In the beauty and fragrance category Puig recorded a 41% sales increase compared to 2020. Results were "boosted by a recovery of markets in the EMEA region", as well as "successful" perfume launches by Paco Rabanne and Jean Paul Gaultier.
The company said that "strong growth" had boosted its profitability, sharing the following financial results:
- Net revenues reached £2.2 billion (€2.6 million) in 2021 - an increase of 68% compared to 2020 and 27% compared to 2019.
- EBITDA hit £356 million (€425 million) or 16.4% of net revenues, representing an increase of 357% compared to 2020 and 27% over 2019.
- Profit before tax totalled £306 (€365 million), compared to a negative result of -£60 millio) in 2020.
Puig further highlighted that in 2021 it derived 28% of its total revenues from its digital business, which represents a continued source of growth.
Looking ahead, Puig said that the results for the first months of 2022 indicated a continuation of the positive trend recorded in 2021, and the business expects to be on track to exceed its forecast of €3 billion in revenues for 2023. It also emphasised its ambition to triple net revenues of 2020 by 2025, with Charlotte Tilbury again driving growth through its expansion in China.