Puig Q1: Fragrances & fashion strong, skincare solid, make-up soft

Spanish beauty to fashion house Puig yesterday posted a +7.8% (reported; +7.5% like-for-like) year-on-year increase in first-quarter net revenue to €1,206 million. This was well ahead of the premium beauty market, the company said.

The group saw continued outperformance in its largest business segment, Fragrances and Fashion (74% of group revenue), across both prestige and niche.

Puig posted growth across all regions, with notably strong performances in the Americas (+11.5% reported) and APAC (+14.5%).

Tariff expectations

Speaking on an earnings call, Puig Chairman & CEO Marc Puig said: “In spite of the uncertainties, we maintain our 2025 outlook of like-for-like revenue growth in the 6% to 8% range. Further, we maintain our expectation for adjusted EBITDA margin improvement in line with that of 2024. This outlook factors in the impact of US tariffs at currently expected levels.”

Pressed during the call on what those anticipated levels are, Puig replied: “We expect the 20% of tariff for the Euro to be maintained and the 10% of the rest. So 20% post 90 days. If there was a change in that, then we will see. But our scenario at this point is that the 20% will be maintained after the 90-day margin or window that was mentioned by the US administration.”

Earlier he noted, “In uncertain times like the one we are living in, we benefit from participating in a resilient industry with a large and diversified brand portfolio. Our P&L has the flexibility and our highly experienced teams have the tools that allow us to be agile and responsive in such situations. With another very strong quarter behind us, we remain proud of the strength of our brands and our ability to execute and win with consumers in this environment.”

Fragrances and Fashion generated €896 million in net revenues (double-digit reported and +10.4% like-for-like), driven by the Americas and APAC.

The fragrance segment remained healthy across all categories, from prestige to niche. Carolina Herrera’s Good Girl and Jean Paul Gaultier’s Le Male continued their “outstanding” performance and several range extensions were incorporated to the Prestige portfolio.

This was reinforced by a good performance in Niche and continued innovation through recent launches such as Byredo Blanche Absolu.

Makeup, which represents 14% of Puig’s revenue, delivered €165 million in net revenues. This segment registered a -4.2% decline in reported growth (-6.0% like-for-like), against the backdrop of continued softness in premium makeup.

Q1 saw new product extensions within Charlotte Tilbury’s Pillow Talk line which launched in March.

Skincare, which delivered €144 million in revenue (12% of group turnover), demonstrated a solid performance with +7.8% growth (reported; +7.2% like-for-like).

The continued performance of Uriage, the largest brand in the segment, led growth with core franchises and new product launches such as Roséliane Serum, complemented by Charlotte Tilbury skincare.

Americas and Asia Pacific shine

In a statement Marc Puig said, “We’re off to a strong start in 2025, continuing to outperform the premium beauty market.

“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’re also pleased to see growth across all regions, with the Americas outperforming.

“Looking ahead, we maintain our 2025 outlook in spite of the challenging global macroeconomic environment.”

EMEA, which accounts for 53% of total revenue, delivered healthy growth within the context of softer consumer sentiment achieving net revenue of €644 million, up +4.3% reported (+3.8% like-for-like)

Growth in the Americas (37% of group revenues) was strong – driven by outperformance both in North America and Latin America. The region achieved €451 million in net revenue, up +11.5% reported (+11.8% like-for-like) compared to the same period in 2024.

APAC delivered “exceptional” +14.5% reported (+13.2% like-for-like) growth, fuelled by a strong performance in South Korea and Japan, where Puig opened subsidiaries. This translated to €111 million in net revenue, which represents 9% of Puig’s revenue in the period.

Puig maintained its FY 2025 outlook of like-for-like revenue growth in the 6% to 8% range as well as its adjusted EBITDA margin expansion expectations.

This outlook factors in the impact of US tariffs at currently expected levels, as well as Puig’s initiatives and responses – such as moderate regional price increases –  aimed at mitigating the potential effect on profitability.

“In a challenging global macroeconomic environment, Puig continues to remain vigilant and responsive to deliver on its commitments,” the company concluded. “With its flexible profitability structure and exposure to a resilient industry, Puig has historically demonstrated the ability to navigate uncertain times.”