MILAN, Nov. 18 (Class Editori) -- Puig keeps betting on China. The Catalan Group of fragrances landed in Shanghai with its first Penhaligon's store in Asia. With this new opening, the company will enhance its presence on the market, in which it expects to focus 25% of its sales by 2025 while, in global terms, it aims to triple its turnover.
The local business, together with the Group's online channel, is one of the main growth engines: in last August, the company opened its first Christian Louboutin beauty store and in last September it invested in the Chinese Scent Library. Puig's main goal is to reach three-billion-euro sales by 2023.
Considering all the brands included in the Group's portfolio, as Charlotte Tilbury and Derma, which joined the firm respectively in 2020 and in 2021, Puig recorded a turnover worth more than 100 million euros in China last year, namely twice as much as 2019's one.
A study carried out by market intelligence agency Mintel reveals that the growth rate of the perfume market in Mainland China amounted to 11% in 2019. However, due to the pandemic, the industry only grew by 1% in 2020. According to the data provided by the report, the segment will rise 17% y-o-y and reach sales worth 15.4 billion yuan, namely 2.1 billion euros, by 2025.
The Group closed last fiscal year with 1.5-million-euro revenues, down 24% compared to 2-billion-euro ones recorded in 2019. The Spanish Group took over Penhaligon's in 2015 and, in the same year, promoted the development of the brand in the U.S., where it launched a flagship store in New York's Rockefeller Center. Now Puig is betting on China, a country with higher growth rate globally, especially in the fashion and luxury segment.
(Source:Class Editori)
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