Puig’s Fragrance Sales Stagnate, U.S. Market Slips, Growth Dips Over Nine Months

The anticipated slowdown in perfumery sales is beginning to be reflected in the sector’s major operators. The Spanish group Puig closed the third quarter of the year with stagnant sales in its fragrances and fashion division. In the first nine months of the year, the group has slowed its growth rate, with a 4.9% increase in sales, compared to the 10.1% increase recorded in the same period of 2024. Puig has not disclosed the evolution of its profitability.

As reported by Puig to the Spanish Securities and Exchange Commission (Cnmv), at the end of the first nine months of the year, the group’s sales amounted to €3.59 billion, compared to €3.42 billion. The company points out that, taking into account like-for-like sales (at constant scope and constant exchange rate), the evolution is better, with an increase of 7% in the first nine months. Like-for-like growth for the first nine months of 2024 was 9.6%.

In the third quarter of the year, the company posted a 3.2% increase in sales to €1.296 billion, compared with an increase of 11.1% in the same period of 2024. In like-for-like terms, the increase was only 6.1%, compared to 11.6% in the third quarter of 2024.

Puig slowed its growth rate in the year to date, with a 4.9% increase in sales, compared to a 10.1% increase in the same period of 2024

The fragrances and fashion division, the driving force behind the company’s business with 73% of the total, is the one that has recorded the worst performance. In the third quarter, sales stagnated at €932.4 million (up 2.8% like-for-like) and in the first nine months rose by 4.1% (6.4% like-for-like).

Puig’s makeup business, meanwhile, posted growth of 14.7% in the third quarter and 6.4% in the first nine months, while skin care grew by 8.2% in the third quarter and 8.1% in the first nine months of the year. Makeup accounts for 16% of the business and skin care for 11%.

By geographic area, the company suffered in the Americas. In this region, the company posted a 2.7% decline in sales in the third quarter of the year (to €463.7 million), while the cumulative figure is still positive.

In Europe, the Middle East and Africa (Emea), the company’s main region (accounting for 53% of total sales), sales grew by 3.4% in the third quarter, to €699.3 million, and by 3.7% in the first nine months, to €1.89 billion. In Asia, a region with little weight in the total business, the company’s growth was 28.5% in the third quarter and 19.4% in the first nine months of the year.

“With increased visibility following the sell in of the Christmas campaign, Puig reaffirms its like for like sales growth outlook for 2025, in the range of 6% to 8%,“ the company said. “The company expects growth to be around the middle of that range, following the solid start to the fourth quarter,“ it added; “Puig also reiterates its expectations for adjusted ebitda margin expansion in 2025, in line with the improvement recorded in 2024.