Puig Reports €2.3 Billion Sales in H1 2025, with Asia Pacific and Beauty Leading Growth

In the first half of 2025, Puig achieved €2.3 billion in net revenue, marking a 7.6% year-over-year increase on a like-for-like (LFL) basis and 5.9% growth on a reported basis. Exchange rate fluctuations had a negative impact of 1.7 percentage points. In Q2 alone, revenue reached €1.1 billion, up 7.7% LFL and 3.9% reported. Despite a challenging FX environment, Puig demonstrated resilient growth through innovation, market expansion, and brand synergies.

By category, fragrances and fashion remained the company’s core segment, accounting for 73% of total sales and growing 8.6% year-over-year. Growth was driven by the pre-launch of Carolina Herrera’s La Bomba fragrance, the continued strength of Jean Paul Gaultier, and the success of premium niche brand Byredo. The previously underperforming makeup segment rebounded strongly in Q2, with a 10.5% sequential increase. This was largely fueled by Charlotte Tilbury’s launch of the Super Nudes, Unreal Blush, and Unreal Lips collections, as well as the brand’s expansion into the Mexican market and Asian travel retail channels. Skincare also showed solid performance with a 10.2% sequential increase in Q2, led by Uriage as the category’s flagship brand, along with Charlotte Tilbury’s skincare line.

Regionally, the Asia-Pacific market was Puig’s fastest-growing region, with LFL sales surging 19.5% in Q2, thanks to rapid expansion in South Korea, Japan, and Australia, as well as continued investment in travel retail. The Americas posted strong growth at 10.9%, primarily driven by the U.S. Meanwhile, Europe, the Middle East, and Africa (EMEA) saw more modest growth of 3.5–3.9%, yet remained stable.

To mitigate the impact of proposed U.S. tariffs, Puig pre-shipped inventory to the market and built the expected costs into its pricing model. As a result, the company expects minimal impact in 2025 and plans a moderate 5% price increase in the U.S. starting in August. Despite a high comparison base from 2024 (with 11% growth), Puig has reaffirmed its full-year 2025 LFL growth guidance of 6–8%, reflecting management’s strong confidence in the company’s brand strength, regional balance, and consumer demand.

Overall, while continuing to expand its core fragrance business, Puig is also revitalizing its makeup and skincare segments through Charlotte Tilbury’s product innovation and strong distribution. Rapid growth in Asia, steady performance in the U.S., and the ongoing expansion of niche brands like Byredo all underpin the company’s robust performance amid external challenges. This H1 earnings report highlights Puig’s ability not only to navigate volatility but also to leverage brand and market strategies to reinforce its competitive position in key markets.