Puig's sales are on the rise The Spanish company reported a 7.6 percent increase in its sales in the first half of 2025 to 2.3 billion euros
In the increasingly competitive and unpredictable global beauty industry, Spain’s Puig continues to stand out for its measured yet determined approach. The Barcelona-based cosmetics group closed the first half of 2025 with like-for-like sales growth of 7.6%, totaling €2.299 billion. Not a surge, but a "strong and consistent growth," as CEO Marc Puig described it, reflecting the structural strength of a diversified beauty portfolio built with method and strategic vision. Puig doesn’t chase beauty trends: it observes, studies, and only adopts them when ready. This semester’s pace wasn’t explosive, but steady. And in times marked by major geopolitical tensions, consistency is already a good result.
Fragrances
Indeed, the pace has slowed from the post-pandemic boom, 2024’s 11% growth already a memory, but Puig remains strong. As always, the Fragrance & Fashion division leads performance, accounting for 73% of total revenue with €1.685 billion. This is where the company moves most confidently, backed by iconic brands like Rabanne, Jean Paul Gaultier, and Narciso Rodriguez. The ace up the sleeve for the second half of the year? The launch of a new fragrance by Carolina Herrera, described as “the most significant since 2016.” Expectations are high, even as the fragrance segment, after months of rapid expansion, shows signs of a slight slowdown. But this isn’t a halt, it’s a consolidation phase. CEO Marc Puig refers to it as "solid but more moderate growth."
Make-up and skincare
The make-up segment has faced a turbulent trajectory in recent quarters, but recent signs point to a clear recovery. In the first six months of the year, make-up sales reached €339 million (+2%), with a significant second-quarter acceleration (+10.5%) driven by a series of targeted beauty launches and expanded distribution channels in emerging markets. In a sector exposed to fleeting trends and social media pressure, Puig has taken a selective approach, focusing on high-end makeup brands like Charlotte Tilbury, of which it will gain full ownership in 2031. While make-up is regaining ground, skincare has already secured its space. With €276 million in revenue for the first half and an 8.6% like-for-like increase, skincare now represents 12% of total sales and continues to grow. French brand Uriage is leading this expansion, followed by new skincare lines from Charlotte Tilbury, blending luxury with functionality. In Q2, this segment, which is set to consolidate in the medium term, grew 10.2%, supported by an expanded product offering and entry into new Asian and African markets.
Puig’s global performance
Geographically, the picture is nuanced but consistent. The EMEA region (Europe, Middle East, and Africa) remains the backbone of the business, with €1.199 billion in sales (52% of the total) and a 3.9% like-for-like increase. This reflects market maturity, Puig is well-established here and focuses more on refinement than expansion. In contrast, the Americas remain dynamic but challenging. Sales in the region rose 10.9% on a like-for-like basis, though trade uncertainties loom large. The U.S. tariffs, already factored into forecasts, don’t seem to rattle Puig, which preemptively stocked inventory overseas. Meanwhile, the Asia-Pacific region continues to shine with 16.5% like-for-like growth. Puig is rapidly strengthening its presence in this market.
Quiet but structural growth
The future remains complex, and Puig is aware. The company remains optimistic for 2025, reaffirming its growth forecast despite global challenges such as currency fluctuations and market shifts. “Puig maintains its financial outlook for 2025, projecting constant perimeter sales growth between 6% and 8%, along with expectations of a rise in the adjusted EBITDA margin,” the company stated. “These projections reflect Puig’s confidence in its strategy, while acknowledging the current climate of economic and geopolitical uncertainty,” it added.
