Puig, the Spanish beauty brand owner of Charlotte Tilbury and Byredo, reported that its profit fell 26% in the first half of 2024 to 57 million euros ($62 million). The decline was attributed to the costs associated with its May IPO and recent acquisitions, including Dr Barbara Sturm and Byredo, as well as a 94 million euros ($101 million) employee bonus scheme. Despite this, Puig saw a 10% increase in sales, with its fragrance and fashion division leading growth at 10.7% growth, generating 1.6 billion euros ($1.7 billion). The skincare segment, boosted by recent acquisitions, grew by 25%, while makeup sales declined by nearly 2% due to limited exposure in Asia and challenges in the Chinese market. CEO Marc Puig noted strong performance in core markets and emphasized the company’s focus on the premium beauty sector and disciplined financial management.