On July 16, Spanish luxury beauty company Puig announced its financial results for the second quarter of 2025 (April–June). The company reported revenue of €1.093 billion (approximately $1.27 billion), marking a 7.7% year-on-year like-for-like (LFL) growth. On a reported basis, revenue rose by 3.9%, demonstrating stable performance despite a negative currency impact of -3.8%.
The makeup segment showed a particularly notable recovery in Q2, delivering 10.5% LFL growth (+7.4% reported) compared to the same period last year. The success was driven by new product launches from Charlotte Tilbury, including the “Super Nudes” collection and the expansion of the “Unreal” range with Unreal Blush. Revenue for the makeup segment reached €174 million.
The core Fragrance & Fashion segment recorded €788 million in revenue, with 6.7% LFL growth (+2.4% reported). While overall category growth showed signs of moderation, the pre-launch of Carolina Herrera’s new fragrance “La Bomba” and strong double-digit growth from Byredo contributed positively.
Skincare also maintained solid performance, generating €131 million in revenue. Led by Uriage, the segment posted 10.2% LFL growth (+8.3% reported) compared to the prior year.
By region, the Asia-Pacific (APAC) market recorded the highest LFL growth at +19.5%, supported by continued expansion in South Korea and Japan and strengthened local promotional efforts. The Americas followed with +10.0% growth, while the EMEA (Europe, Middle East, and Africa) region grew by 3.5%, remaining the largest contributor to Puig’s total revenue.
Chairman and CEO Marc Puig commented in the statement: “We showed performance across our segments and regions, reflecting the health and resilience of our portfolio in an evolving global beauty market. Fragrance continues to show healthy underlying growth after several exceptionally strong quarters, albeit at a slightly more moderate pace, and it is encouraging to see the recovery of Makeup in Q2.” He also reaffirmed the company’s full-year revenue growth forecast of 6–8% on an LFL basis and expressed confidence in further expanding its adjusted EBITDA margin.
Puig, which owns prestigious fragrance brands such as Jean Paul Gaultier, Carolina Herrera, and Byredo, currently operates in over 150 countries and has offices in 32. In 2024, the company recorded annual revenue of €4.79 billion, steadily expanding its influence in the global beauty market.
As of August 1, 2025, the U.S. government is reportedly considering imposing tariffs of up to 30% on imports from the European Union. Moving forward, Puig’s growth will likely hinge on how it navigates the potential long-term impact of U.S. trade policy and strategically responds to the rapidly expanding demand in the Asian market. These two factors are expected to be key determinants of the company’s future trajectory.
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