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Puig sales rose 7.7 per cent like-for-like in the second quarter of 2025 to €1 billion, the company reported on Wednesday. For the first half of 2025, sales hit €2.3 billion in net revenue, up 7.6 per cent on a comparable basis, in line with analyst expectations. Shares dipped 0.19 per cent after market on Wednesday afternoon.
“We showed robust performance across our segments and regions, reflecting the health and resilience of our portfolio in an evolving global beauty market. Fragrance continues to show healthy underlying growth after several exceptionally strong quarters, albeit at a slightly more moderate pace, and it is encouraging to see the recovery of makeup in Q2,” said Puig’s CEO, Marc Puig, in a statement.
By category, the fragrance and fashion division (accounting for 73 per cent of Puig’s revenue) grew 6.7 per cent in Q2 and 8.6 per cent in the first half to €1.6 billion. Growth was driven by Jean Paul Gaultier, while Puig highlighted that the strong pre-launch of Carolina Herrera’s new fragrance La Bomba in early July is already forecasted to be a significant sales driver for the brand in the second half of 2025.
“Regarding the fragrance moderation, we believe the category continues to be healthy and we forecast a mid-single digit in the second half of the year, like we had seen last year. But we maintain our outlook,” he says. Byredo led the growth of the niche perfume profile with a double-digit performance. Puig was confident on the call that the group would maintain the personality and differentiation of Byredo following founder Ben Gorham’s departure in June.
Skincare was up 10.2 per cent in the second quarter and 8.6 per cent in the first half, totalling €276 million. The category represents 12 per cent of Puig’s total revenue and includes brands such as Dr Barbara Sturm, Charlotte Tilbury and Uriage. A standout performance from Charlotte Tilbury skincare and Uriage led the category’s growth.
Makeup made a comeback for the beauty group after dupes proved to be a performance challenge in the first quarter. In Q2, the category grew 10.5 per cent to €174 million in net revenue, bringing the first half of the year up 2 per cent to €339 million. Growth was driven by newness from Charlotte Tilbury — including the Super Nudes collection and the expansion of its Unreal franchise with Unreal Blush and Unreal Lips — and success in Mexico as well as travel retail in Asia.
As for dupes, Puig was bullish that Charlotte Tilbury’s innovation was the perfect “revenge” planned to counter product copies. “In order to fight against dupes, we delivered on our strategy, which was to educate, innovate, and protect [the brand Charlotte Tilbury], and that’s what we have been doing in the second quarter. We started to benefit from these initiatives,” says Puig.
By region, Europe, the Middle East and Africa (EMEA) — which accounted for 52 per cent of Puig’s net revenues in the period — rose 3.6 per cent to €1.2 billion in H1, led by the fragrance and fashion division. However, Puig said on the call that France still remains challenging thanks to soft consumer sentiment. The US, 38 per cent of Puig’s total net revenues, grew 10.9 per cent to €8.67 billion in the first half, but was negatively impacted by a weak US dollar.
Asia Pacific, which accounts for 10 per cent of sales, was a bright spot, up 16.5 per cent to €234 million in the first half. Puig said the region’s pleasing performance was driven by South Korea, Australia and Japan, thanks to the bullish travel retail rollout.
Speaking on US tariffs, Puig says the beauty group is continuing to watch the changing rates but is bullish that “the impact will be relatively minor”, because the beauty group has already delivered most of its stock in the US for the year. He did warn that any impact would be felt in fiscal 2026.
Puig maintains its 6 to 8 per cent growth outlook for 2025, as it is up against a strong 2024 H2 performance (growth amassed 11 per cent). “We remain confident in our ability to outperform the premium beauty market, and we maintain our full-year outlook,” he concluded.
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