Puig picks itself up with double-digit growth
After a tricky year in 2009, Puig has picked itself up with a double-digit sales growth in 2010. The group saw its turnover increase by 22% to more than 1.2 million euros. Its operating profit almost doubled to reach 189 million euros. In Spain, which represents a quarter of total activity, saw its sales go up 2%.
In the rest of the world sales jumped 30%, with all sectors showing an improvement. Puig is currently ranked as the world’s no. 7 in perfumery, as it benefits from the sales of Paco Rabanne’s popular fragrances One Million and Lady Million. The launch of new perfumes certainly helped boost last year’s revenue, such as Nina l’Elixir by Nina Ricci or Shakira’s fragrance. As for the fashion sector, which includes Carolina Herrera’s and Nina Ricci’s labels, sales grew by 25%.
And there is no shortage of projects for 2011. As well as currently being one of the candidates to buy Hermès’ stake of Jean Paul Gaultier, the Spanish group is also counting on a return of Paco Rabanne’s fashion collection this year. Furthermore, Puig has just welcomed Manish Arora to its team as the new creative director for the women’s ready-to-wear line. A first catwalk show is predicted for the Autumn season during Paris Fashion Week. As for perfumes, the two new fragrances by Valentino and Prada should come out in September. This year, Puig is expecting its sales revenue to go over the 1.3 million mark, and has a strategic plan for 2011-2014 that should help the group celebrate a successful 100th anniversary.
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