PARIS — Puig, the family-owned Spanish beauty and fashion company, said Monday that it has officially launched its Americas Travel Retail hub in Miami, which reinforces the group’s ambitions in the region and channel.
“The new hub will play a key role in the firm’s strategy to consolidate its foothold in the Latin American market and to leverage the growth in its travel retail North America function,” the company said in a statement.
“As the nerve center of the travel retail industry, Miami offers an ideal location for Puig to get closer to the suppliers and retailers in the Americas,” the company continued. The hub will also enable the company to tap into local talent pools to support the evolution of its leading prestige brands in the region and to drive a curated expansion of its niche portfolio.
“Miami provides a unique platform to strengthen our travel retail presence in the Americas and realize the full potential of Puig’s brands in the region,” said Javier Bach, Puig chief operating officer, in a statement. “We are determined to up our stakes in the booming North American beauty market and consolidate our leadership in the Latin American prestige and niche segments.”
Puig hosted a launch ceremony on Sept. 13 at the new 11,147-square-foot travel retail hub, located at 1111 Brikness Avenue in Miami’s Sabadell Financial Center. It will include 50 employees from travel retail Americas and Latin America distributors’ teams. They previously were based in Panama. Puig said the teams will have collaborative spaces and sports facilities, among other services, at the sustainable offices.
The company said the new hub also fits in with Puig’s sustainability commitments, outlined in its 2030 ESG Agenda. The Sabadell Financial Center is certified LEED Gold.
Puig in 2022 sped past its 3 billion-euro sales goal and gained a 10 percent market share of prestige fragrances worldwide.
The company registered net sales of 3.62 billion euros in the 12 months, a 40 percent rise in reported terms and a 30 percent increase on a like-for-like basis year on year, driven by each of its product categories, which posted double-digit sales gains.
Puig did not break out what percent of its overall business travel retail represented last year, but it can be huge — up to about a quarter — for prestige fragrance makers.
Geographically in 2022, Puig’s growth was fastest in the Americas, where sales increased 56 percent to 1.31 billion euros, or 36 percent of total group sales. That turnout was primarily reinforced by business in the U.S., its largest market by sales, and the dollar’s appreciation against the euro.
Puig had in March 2021 unveiled a three-year plan with an aim to reach sales of 3 billion euros in 2023 and 4.5 billion euros in 2025. However, due to strong growth during the past two years, the group already doubled its net revenue a year ahead of plan and is on track to triple its revenues by 2025.
Business in 2022 was spurred by a strong performance of Puig’s own brands amid a rise in consumer spending — especially in perfumes — and despite headwinds, such as the geopolitical environment, inflation and rising interest rates.
Puig’s reorganization of its business structure into three divisions — Beauty and Fashion, Charlotte Tilbury and Derma, starting Jan. 1, 2021 — has borne fruit.
There is widespread speculation that Puig is planning to go public next year, although the company has declined comment.