Rabanne-owner Puig has marked a solid start to its 2025 financial year after posting bumper first quarter sales.
Net revenue reached €1.2bn – a 7.5% increase on a like-for-like (LFL) basis and 7.8% reported – driven by niche and prestige fragrances.
Carolina Herrera's Good Girl and Jean Paul Gaultier's Le Male were standout performers for prestige, and demand for Byredo’s Blanche Absolu supported Puig’s niche fragrance arm.
Shares in the Barcelona-based company also jumped by a modest 2.7% in early trading on 28 April as it bucked a recent downturn in demand for luxury beauty businesses.
Puig saw a notably strong performance in the US, reporting 11.5% growth in the market, equally shrugging off current market anxieties in the wake of the US tariff hikes.
“We are off to a strong start in 2025, continuing to outperform the premium beauty market,” said Marc Puig, Chairman and CEO of Puig.
“Once again, our largest segment – fragrances and fashion – is our top performer, which is a testament to the strength of our prestige and niche brands and the desirability and resilience of our portfolio.
“We are also pleased to see growth across all regions, with the Americas outperforming.”
Fragrances and fashion, which accounted for 74% of Puig's revenue during the quarter, delivered €896m in net revenues.
Make-up sales saw a more subdued performance, declining 4.2% on a reported basis and 6% LFL due to the impact of “continued softness” in premium cosmetics.
This was offset slightly by new product launches from Charlotte Tilbury’s Pillow Talk line in March.
Skin care fared better and delivered revenues of €144m, with Uriage, which uses thermal water in its formulation, leading growth for Puig’s core franchises.
New product launches such as Uriage’s Roséliane Serum also drove sales, and were complemented by Charlotte Tilbury’s skin care offering.
Puig has maintained its full-year outlook for 2025, expecting to deliver LFL revenue growth of between 6% to 8%.
“In a challenging global macroeconomic environment, Puig continues to remain vigilant and responsive to deliver on its commitments,” the brand stated during its earnings update.
“With its flexible profitability structure and exposure to a resilient industry, Puig has historically demonstrated the ability to navigate uncertain times.”
It follows Puig’s stellar full-year 2024 results, which saw profits jump 14.1% to reach €531m.
The group’s annual revenue climbed 11.3% year-on-year to €4.79 bn, outperforming the premium beauty market.
Organic growth stood at 10.9%, with momentum accelerating in the fourth quarter.