It was the first time in recent history that Puig closed a year with a loss. Due to lockdowns and social distancing, consumption of fragrance, makeup and fashion, but the Spanish family-owned beauty and fashion company expects its business to amp up, and aims for sales to double in three years and triple in five years.

In the 12 months ended Dec. 31, 2020, the Barcelona-based group posted a net loss of 70 million euros, versus a gain of 226 million euros in 2019. Profit before tax came in at minus 72 million euros, against an increase of 304 million euros in the prior year.

There are two big changes in the industry the smartphone revolution and China,” the company’s portfolio has historically been heavily skewed toward fragrance, which is invisible, thus not seen in the ubiquitous online selfie culture, and has grown less quickly than the skin care and makeup categories.