Yesterday, Puig posted a solid start to 2025, with first-quarter sales reaching 1.21 billion euros, up 7.8 percent on a reported basis and 7.5 percent like-for-like, driven largely by the strength of its fragrance division. The Spanish beauty and fashion group released its results for the three months ended March 31 after market close on Monday, maintaining its full-year guidance for organic revenue growth between 6 and 8 percent, alongside an increase in adjusted EBITDA.
Chairman and CEO Marc Puig noted that the company’s outlook accounts for the impact of new U.S. tariffs—20 percent for eurozone countries and 10 percent for others—following a temporary 90-day reprieve. He explained that Puig had proactively shipped inventory to the U.S. ahead of the tariff implementation to help mitigate potential disruptions.
Fragrance and fashion sales grew 10.4 percent organically to 896.4 million euros, while skincare sales rose 7.2 percent to 144.2 million euros. However, makeup sales fell 6 percent to 165.3 million euros, impacted particularly in the U.S. by delayed restocking of Charlotte Tilbury’s Airbrush Flawless Setting Spray after a quality issue led to a product recall in December 2024. Marc Puig acknowledged ongoing challenges from “dupes” but expects the makeup category to recover gradually, with positive momentum starting in the second quarter.
Growth was reported across all regions: the Europe, Middle East, and Africa (EMEA) region generated 643.8 million euros (53 percent of total sales), the Americas 451 million euros, and Asia-Pacific 111.1 million euros. Puig noted some softening in the EMEA market, especially in France, though he expects the region to maintain a steady trajectory through 2025.
