Puig’s sales increased 7.6% in the first half of 2025 due to a “healthy” performance in fragrance and fashion, as well as a comeback in make-up to “positive” growth.
The Spanish beauty and fashion giant, which owns Charlotte Tilbury, Rabanne and Dr. Barbara Sturm, reported net revenue of €2.3bn during this time.
Like-for-like (LFL) growth was reported across all business segments in H1 2025, with the fragrance and fashion division and the skin care division delivering “solid” performances.
Positive growth was reported across all geographies in H1 2025, with “notably strong performances” in the Americas, which was up 10.9%, while APAC was also up 16.5%.
Puig’s performance in Q2 remained consistent with Q1, delivering €1.09bn in sales – up 7.7%, in keeping with the €1.1bn forecasted by analysts in an LSEG poll.
This was offset by a negative FX impact of 3.8%, resulting in reported growth of 3.9%.
Puig’s fragrance and fashion sales were up 8.6% LFL (6.5% reported), representing 73% of Puig's revenue in H1 2025.
Standout performers were Byredo, which led growth in the niche market with a double-digit performance, as well as the pre-launch of Carolina Herrera’s new fragrance La Bomba being cited as noteworthy.
Charlottle Tilbury is a strong performer for Puig across skin care and make-up
Skin care also delivered 8.6% LFL growth (8.1% reported) in H1 2025, representing 12% of Puig’s net revenue in this period.
In Q2, Puig’s skin care segment grew strongly, with a 10.2% LFL growth (8.3% reported).
A double-digit performance of Uriage, the largest brand in the segment, led this growth, complemented by strong sales in Charlotte Tilbury’s skin care.
Make-up saw an “impressive recovery” with a 2% growth (1.4% reported), contributing 15% of Puig’s revenue in H1 2025.
The division’s recovery in Q2 – delivering €174m in revenue – was due to “a combination of strategic launches and expanded geographical and channel reach”, claimed the company.
Cosmetics giant Charlotte Tilbury’s Super Nudes collection and the expansion of its popular Unreal franchise with Unreal Blush and Unreal Lips were cited as key drivers.
Puig has maintained its full-year 2025 outlook, expecting revenue growth to decelerate to between 6% to 8% – after an 11% increase in 2024 – as it navigates the ongoing US tariff challenge.
“In the first half of 2025, we delivered strong revenue growth of 7.5% LFL growth in Q1 and 7.7% in Q2,” said Marc Puig, Chairman and CEO of Puig.
“We showed 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 make-up in Q2.
“We remain confident in our ability to outperform the premium beauty market and we maintain our full-year outlook.”