Spanish fragrance and fashion group, Puig, has reported a 5% increase in net profits before taxes in 2018, even while experiencing a €2 million slip in group revenues.
Pre-tax profit grew 5% to €326 million, which was a new record for the company.
Puig controls five fashion houses: Carolina Herrera, Nina Ricci, Paco Rabanne, Jean Paul Gaultier and its most recent acquisition, Dries Van Noten. Puig also signed a deal to develop Christian Louboutin’s beauty business.
In 2018, Puig also acquired a minority stake in Loto del Sur and Kama Ayurveda, both with options to increase to majority stakes.
The group predicted that Paco Rabanne and Carolina Herrera would break €1 billion euros each in annual sales.
