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Puig Profits Rise 47% in 2017

Puig Profits Rise 47% in 2017

Puig Profits Rise 47% in 2017
April 12
09:41 2018
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PARIS — In 2017, the end of its most recent three-year plan, Puig’s profits climbed steeply — as the Spanish fragrance and fashion company expected they would — rising 47 percent to 228 million euros.
The family-owned group had in 2015 opted to make a major investment behind its brands, including the integration of the Jean Paul Gaultier perfume business, to the sacrifice of profits in the short term. Puig’s view was that it would return to a level of profitability it had enjoyed prior to 2015, and that it would have a more sustainable business in time.
Net sales at the company, whose portfolio is comprised of owned fashion and fragrance brands, such as Carolina Herrera, Nina Ricci and Paco Rabanne, plus licensed perfume labels, including Prada, Valentino and Comme des Garçons, advanced 8.1 percent. Revenues reached 1.94 billion euros — just shy of Puig’s goal of hitting the 2 million euro mark in 2017, due to unfavorable currency exchanges. Growth in constant terms was up 8.6 percent.
“Revenues grew by 28 percent over the past three years, an increase above the industry average and in line with the company’s plan for the period,” Puig said in a statement released Thursday. “The

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