Key takeaways
- Puig posted €2.3bn in net revenue in H1 2025, up 7.6% like-for-like.
- Fragrance and fashion remained the largest segment, led by Carolina Herrera and Rabanne.
- Makeup returned to growth, with Charlotte Tilbury driving strong Q2 performance.
- Skincare saw solid gains, especially in sun care and Charlotte Tilbury skincare.
- Asia-Pacific and the Americas led regional growth.
- José Manuel Albesa was appointed Deputy CEO to oversee all divisions.
For the first half of 2025, Spanish beauty and fashion business Puig posted €2.3 billion in net revenue, up by 7.6% like-for-like (+5.9% reported).
The fragrance and fashion sector remained the largest contributor, up 8.6% LFL, supported by Carolina Herrera and Rabanne.
Makeup returns to growth
Makeup returned to positive growth in H1 2025 with net revenue of €339 million and +2.0% LFL growth (+1.4% reported). In the second quarter, the category recorded €174 million in revenue and delivered double-digit LFL growth of +10.5% (+7.4% reported). This recovery was fuelled by strategic launches, notably from Charlotte Tilbury, and expanded geographical and channel reach.
Makeup contributed 15% of Puig’s total revenue in H1 2025.
Meanwhile, skincare delivered revenue of €276 million, up by 8.6% LFL, as derma cosmetics brand Uriage saw strong sales, particularly in sun care. Charlotte Tilbury skincare also helped to fuel sales. Skincare represented 12% of Puig’s net revenue in H1.
Regional growth highlights Puig’s global reach
Regionally, Asia-Pacific saw the strongest growth (+16.5% LFL), followed by the Americas (+10.9% LFL). The EMEA region, which accounted for 52% of all sales, grew by +3.6% LFL and +3.9% on a reported basis.
In the period, Puig also appointed José Manuel Albesa as deputy CEO, reporting to chairman and CEO Marc Puig, to oversee all divisions.
Encouraging results for fragrance & makeup, says CEO
Chairman and CEO of Puig, Marc Puig, said: “Fragrance continued to perform well and the recovery in makeup in the second quarter was encouraging.”
He continued: “The second half is always our busiest period, with holiday demand and the full rollout of La Bomba, the new Carolina Herrera fragrance, still to come.”
The company also noted that it continues to take a highly selective approach to M&A, with “a clear focus on long-term value creation and cultural fit.”