Puig revenue surpassed €5bn for the first time in 2025, driven by its make-up and skin care divisions, and a standout performance by Charlotte Tilbury.
Like-for-like revenue at the Dr Barbara Sturm and Penhaligon’s owner grew 7.8% in the year to 31 December 2025, and 5.3% on a reported basis.
That was at the top end of expectations for the year of 6% to 8%, and the Spanish beauty company said growth in this range came from across categories and “healthy growth” across markets.
Growth moderated over the year as anticipated, reflecting “tougher comparables and a normalisation of the fragrance category growth”, the company said in a statement, though it remained “healthy and above market levels”.
Like-for-like revenue grew 9.8% in the fourth quarter thanks to strong performance across the business, and a “standout” make-up segment.
Charlotte Tilbury was the biggest contributor to Puig's make-up revenue, which grew 26.5% in Q4 and 13.7% over the year to €3.6bn.
The MUA brand posted “exceptional” growth, which Puig said was down to a “standout pipeline of innovation” which included the launch of Airbrush Flawless Foundation, Setting Spray Matte, plus a Super Nudes collection and the expansion of the successful Unreal franchise.
Growth was also driven by distribution gains through Amazon in the US, and entry into Mexico, along with strategic brand activations in Asia-Pacific (APAC).
Skin care revenue was up 5.2% in Q4 and 8.9% across 2025 to €845m.
Along with Charlotte Tilbury, the division’s growth was driven by Uriage, including consistent growth from hero franchises Xemose and Age Absolu, as well as new launches Bariésun Invisible stick SPF 50+ and Roséliane serum.
Meanwhile, fragrance and fashion revenue grew 6.2% in the last quarter of the year, and 6.4% in 2025, reaching €551m.
The last quarter of the year marked a slight acceleration over the previous quarter as a result of strong sell-in during the holidays, and “lapping an impressive comparable from Q4 2024”.
Standouts in the division included Carolina Herrera, including the launch of La Bomba, and Jean Paul Gaultier, along with Byredo within its niche fragrance portfolio, where the brand’s launches included Absolu range and Night Veils.
Puig noted that three of its brands are among the top ten selling fragrances globally: Rabanne, Carolina Herrera, and Jean Paul Gaultier.
Europe, Middle East and Africa (EMEA), which accounts for 55% of revenue, grew 9.2% in the fourth quarter and 5.5% in 2025 to €2.6bn.
This reflected “disciplined execution in a fragrance market that has moderated from previously elevated levels”,as well as continued strength in Charlotte Tilbury and Derma.
Elsewhere, revenue grew 7.7% to €1.8bn in 2025 in the Americas, and 21.7% to €530m across the year.
The impact from foreign exchange was 3.6% in the fourth quarter, and 2.6% over the full year, and a negative impact is expected to continue in 2026, particularly in the first quarter of 2026.
Marc Puig, Chairman and CEO of Puig, said the year delivered “a strong, high-quality performance” and that the group "continued to outperform the market”.
“This reflects the strength of our portfolio, our agility and our ability to execute consistently in a more demanding environment,” he said.
“I am proud to confirm that we have delivered on all of our commitments made a year ago.
“In 2025, we completed our previous five-year strategic plan, communicated in early 2021, which set our ambition to double our 2020 revenue in three years and triple it in five.
“We exceeded those goals, more than doubling our revenue by 2022 and more than tripling it by 2025.
“Looking ahead, while we expect growth in the fragrance market to continue to normalise, we enter the new financial year with confidence.
“Given the strength of our brand portfolio and our steady pipeline of innovation, we are well placed to sustain healthy growth and continue to outperform the premium beauty market.”
Puig expects its margin – which stood at 20.7% in 2025 and marked a 0.5 percentage point increase on the prior year – to “remain stable in the context of a tougher cost environment”.
“Puig remains confident that the strength and desirability of its brands will continue to enable like-for-like revenue outperformance versus the premium beauty market,” the company said.
The company added it will continue to take a “highly selective approach to M&A” as it continues to “evaluate curated opportunities with a strong strategic fit into our portfolio, while maintaining our capital structure targets”.