Puig reports 5.9% sales growth in H1 2025 despite perfumery and Americas slowdown
The performance was primarily due to a weakened U.S. dollar resulting from U.S. tariff policies.
SPAIN – Puig, a Spanish beauty and fashion conglomerate, has reported a 5.9% rise in net sales for H1 2025, reaching €2.3 billion (USD 2.67 billion).
This growth, slower than the 9.58% surge in H1 2024, reflects challenges in perfumery and the Americas, compounded by a 3.8% negative foreign exchange impact.
Second-quarter sales grew 3.86% to €1.093 billion(USD 1.268 billion), down from 14.5% in Q1.
Marc Puig, Chairman and CEO, highlighted the resilience of the company’s portfolio, stating, “In the first half of 2025, we maintained strong and consistent growth of 7.5% LFL in the first quarter and 7.7% LFL in the second.”
“Our segments and regions performed solidly, demonstrating the health and resilience of our brand portfolio in a changing market context.”
The Fragrance and Fashion segment, which accounts for 73% of revenue, grew 2.4% in Q2, compared to 6.5% in H1, reaching €1.68 billion (USD 1.95 billion).
The Makeup segment, 15% of revenue, rebounded with 7.4% growth (10.5% LFL) in Q2, contributing €339.1 million, driven by Charlotte Tilbury’s Super Nudes and Unreal franchise expansions.
Skincare grew 8.1% in H1 from 10.2% LFL in Q2 to €275.5 million(USD 319.58 million), led by Uriage’s Age Absolu Serum and Xémose, bolstered by the Dr. Barbara Sturm acquisition.
Asia-Pacific sales soared 14.7% in H1 (14.9% in Q2) to €233.6 million (USD 270.98 million), fueled by demand in Japan, Korea, and India.
The Americas saw sales growth slow to 1.6% in Q2, from 6.5% in H1, totalling €867 million (USD 1.006 billion).
The Americas achieved 10% LFL growth in H1, while EMEA, contributing 55% of revenue, grew 3.5% LFL, softened by France’s performance.
Puig reaffirmed its 2025 guidance, projecting 6-8% LFL revenue growth and improved EBITDA margins, driven by launches like Carolina Herrera’s La Bomba and strength in Byredo and Penhaligon’s.
Marc Puig stated, “We’re confident in outperforming the premium beauty market despite economic uncertainties, including potential U.S. tariffs of up to 25%.”
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