Key takeaways
- Puig achieved 8% revenue growth to €3.9bn in the first nine months of 2025.
- Fragrance & Fashion remains dominant, accounting for 73% of revenue.
- Make-up and skincare posted double-digit growth in Q3, led by Charlotte Tilbury.
- Fragrance growth slowed in Q3 compared to 2024, raising future concerns.
- APAC sales surged 35.8% in Q3, signalling strong recovery and expansion opportunities.
Spanish luxury company Puig recorded 8% revenue growth to €3.9bn for the first nine months of 2025 (up by 7% on a like-for-like basis), driven by strong sales of prestige and niche fragrances.
For the third quarter of 2025, Puig achieved a turnover of €1.3bn, up by 3.2%.
Its Fragrance & Fashion division generated €2.6bn for the first nine months, representing 73% of total revenue. For Q3, revenue reached €932m, up 2.8% like-for-like.
Make-up sales rose by 8.3% like-for-like over the first nine months and surged by 18.8% in Q3, driven by Charlotte Tilbury and Amazon US.
Skincare sales increased by 9.2% for the first nine months and by 10.5% like-for-like in Q3 2025.
Growth was led by Charlotte Tilbury, Rabanne, Carolina Herrera, and Byredo, alongside niche labels including Dries Van Noten and Penhaligon’s.
Marc Puig, President and CEO, welcomed “a solid quarter driven by the strength of the portfolio brands and rigorous execution,” while reaffirming the group’s confidence in achieving its annual objectives.
Fragrance growth slows in Q3: what it means for the industry
However, during the Q3 2025 earnings call, Marc Puig acknowledged that fragrance growth slowed in Q3, as sales for its fashion and fragrance sector were only up by 2.8% like-for-like, compared to an impressive 11.1% growth in Q3 2024.
Puig expressed concerns that if the trend continues, it may impact future revenue.
Despite this slowdown, Puig said he remained confident in the category’s resilience and emphasised that fragrance is still the largest segment, accounting for 73% of Puig’s revenue.
APAC and emerging markets: key drivers of future expansion
Region-wise, Europe and the Americas performed strongly.
Puig also noted that APAC is driving growth, partly through niche fragrance expansion, even as global fragrance demand normalises.
In the APAC region, the company saw like-for-like sales of €368m in the first nine months of 2025, up 23%. In the third quarter, sales reached €134m, up 35.8%.
Geographic expansion remains a significant opportunity, especially in emerging markets such as Mexico and the broader APAC region.
