Puig, the Spanish perfume and cosmetics giant, is set to conquer Asia. The recent opening of subsidiaries in India, Japan and South Korea signals the time for an ambitious offensive, which positions Puig as a major player in this region with immense potential.
A new chapter for Puig in Asia
In 2023, Puig set up shop in South Korea by creating its’ own local subsidiary. This year, it’s India and Japan’s turn to see the arrival of the group. The opening of subsidiaries in these three markets is a real strategic coup. These countries, in full economic growth, are indeed seeing their middle class expand.
Asia-Pacific, a strategic market for Puig
Asia-Pacific already represents 10 percent of Puig’s total sales, as Marc Puig, the group’s president, pointed out in an interview with the Spanish economic daily Expansión. EMEA (Europe, Middle East and Africa) remains the main market with 54 percent of sales, followed by the Americas (36 percent).
Due to it’s far more mature relationship with Europe and the Americas (respectively 54 and 36 percent of sales), Asia is full of untapped potential.
Despite a temporary slowdown in China due to the pandemic, Puig remains confident in its development potential in Asia.
Subsidiaries already present in China, Singapore and Malaysia
In addition to its new locations, Puig already has a solid presence in Asia with subsidiaries in China, Singapore and Malaysia.
With a turnover of more than 4 billion euros in 2023, Puig is positioning itself as one of the world leaders in the beauty sector, according to the media FashionNetwork. With its portfolio of prestigious brands (Paco Rabanne, Carolina Herrera, Jean Paul Gaultier, Viktor & Rolf…), Puig intends to shake up the Asian market.
Puig’s presence in India, Japan and South Korea should help boost the group’s growth in the coming years. These markets offer significant development potential, driven by a growing middle class and a growing appetite for quality beauty products. By establishing a local presence, Puig will be able to better understand the needs and preferences of its customers in these three key markets, offering them a range of products that are perfectly adapted to their expectations.
This article was originally published on FashionUnited.FR, translated and edited to English.
