Yesterday, Puig released its financial report of Q3 in 2025. On the back of a strong third quarter, Puig expects to close 2025 in the mid-range of its full-year growth guidance of 6 to 8 percent, surpassing consensus expectations.
The Spanish beauty and fashion group reported sales of 1.3 billion euros for the three months ended Sept. 30, marking a 3.2 percent increase on a reported basis and 6.1 percent in like-for-like terms. Growth was driven by all business segments, outperforming the global premium beauty market.
“We are pleased to report Puig has delivered another strong quarter, demonstrating the consistent execution and resilience of our brand portfolio in a dynamic market,” said Marc Puig, chairman and chief executive officer, during a call with analysts and journalists. The company’s Fragrance and Fashion division rose 2.8 percent organically, Makeup surged 18.8 percent—half of which came from Charlotte Tilbury’s sales on Amazon—and Skin Care advanced 10.5 percent.
For the first nine months of 2025, Puig posted sales of 3.6 billion euros, up 4.9 percent on a reported basis and 7 percent like-for-like, despite ongoing currency headwinds. “These results reflect our disciplined management and the sustained desirability of our brands as we enter the most important trading period of the year, even as we lap a very strong Q3 from last year,” Puig said.
All geographic regions contributed to growth on a like-for-like basis. The Europe, Middle East and Africa region, which makes up 53 percent of total sales, rose 3.9 percent to 1.9 billion euros, supported by strong momentum from Derma and Charlotte Tilbury. The Americas accounted for 37 percent of total sales at 1.33 billion euros, up 7.8 percent, reflecting steady demand in the U.S. fragrance and fashion categories, offset by softness in Latin America and currency impacts. The Asia-Pacific region remained the company’s fastest-growing market, with sales of 367.6 million euros and organic growth of 23 percent, fueled by successful brand activations, Charlotte Tilbury’s strong performance, and the expansion of Puig’s niche fragrance portfolio.
Looking ahead, Puig remains confident in its product pipeline and holiday season performance. “With most of the year behind us and with visibility from the holiday sell-in, we maintain our full-year 2025 outlook of like-for-like revenue growth in the 6 to 8 percent range,” Puig said. “We have had a solid start to Q4, and with that we now expect growth for 2025 to be in the middle of this range, an improvement versus our expectations in September.” The company also reaffirmed its expectation for adjusted EBITDA margin expansion for 2025, in line with last year’s improvements.
Retailer sentiment remains positive. “We approach the holiday period, which is very important to us, with confidence in achieving our full-year outlook,” Puig added. “We don’t see challenges in terms of stock at the retail level. The question will be early next year after the Christmas campaign is over, whether the consumer has bought into the category or not.”
Despite signs of moderation in the global fragrance market—where Puig holds roughly 70 percent exposure—the company remains optimistic about long-term growth. Niche and premium fragrances continue to outperform, with Puig’s brands posting double-digit growth in the segment, led by Byredo. “Twenty years ago, we had 3 percent market share in prestige fragrances worldwide,” Marc Puig noted. “Now, we’re at nearly 11 percent. We chose to focus on this category and believe we have structural advantages that enable us to continue gaining market share.”
As Puig gears up for the critical holiday season, the group remains confident in its strategy and brand strength. “We are confident that we have the ingredients to keep winning in the long term,” Puig said. “We normally gain positions during Christmas, and we expect this year to be no different.”
