Puig Reports 5.9% Growth Amid Slower Second Quarter

Puig closes the first half of fiscal 2025 by slowing down in the second quarter. The perfumery and cosmetics company ended the period from April to June with a sales increase almost four points lower than that recorded in the first quarter of the year, with a slowdown in sales in perfumery and in the Americas. The group, which maintains its forecasts for 2025 as a whole, closed the first six months of the year with sales of €2.29 billion, representing growth of 5.9%.

The company, which owns brands such as Carolina Herrera and Paco Rabanne, ended the second quarter of 2025 with sales of €1.09 million, an increase of 3.9% compared to the same period in 2024. In the first quarter of 2025, the company posted an increase of 7.8%.

Puig has pointed out that the evolution in the second quarter has been similar to that recorded in the first quarter, although in the second part of the year the evolution has been offset by a negative impact of 3.8% of the exchange rate, impacting the reported growth.

Marc Puig, president of Puig, said that “in the first half of 2025, we have maintained strong and consistent growth of 7.5% like for like (sales per comparable surface area) in the first quarter and 7.7% like for like in the second quarter”.

Puig has experienced a “slightly more moderate pace” in fragrance sales

The executive highlighted that “fragrances continue to demonstrate solid underlying growth, albeit at a slightly more moderate pace, after several exceptional quarters.“ “It is also encouraging to see the makeup segment recover in the second quarter,“ he added.

By business segment, fragrances and fashion ended the first half with growth of 6.5% (to €1.68 billion), after posting a rise of only 2.4% in the second quarter. Fragrances and fashion accounted for 73% of the group’s turnover.

In makeup, meanwhile, the group grew by 1.4% in the first half, to €339.1 million, while in the second quarter the category increased its turnover by 7.4%. In skin care, Puig closed the first half with sales of €275.5 million, up 8.1% in the first six months and 8.3% in the second.

In the Americas, the group grew by 1.9% in the second quarter of the year

By region, Europe, the Middle East and Africa (Emea) is the company’s main market, with €1,198.7 million at the end of the first half of the year and 52% of the group’s total. In the first six months of the year, the group has grown by 3.9% in Emea, while in the second quarter it grew by 3.5%.

In the Americas, Puig posted a 6.5% increase in sales at the end of the first half of the year, reaching €867 million. In the second quarter, the group grew by only 1.6% in the region.

In Asia Pacific, meanwhile, the group grew by 14.7% in the first six months of the year, with total sales of €233.6 million, while in the second quarter growth was 14.9%.

“Puig maintains its financial outlook for 2025, which sets its like-for-like sales growth forecast in a range of 6% to 8%, as well as its expectations for an increase in adjusted ebitda margin,“ the company said. “These outlooks reflect Puig’s confidence in its strategy while considering the current context of economic and geopolitical uncertainty,“ it added.