Barcelona-based beauty and fashion group Puig announced its full-year and fourth-quarter 2025 results on February 18. Despite foreign exchange headwinds, the company maintained strong growth and surpassed €5 billion in annual revenue for the first time in its history.
Q4 Up 6.2%, Driven by the Beauty Division
For the fourth quarter ended December 31, 2025, sales reached €1.45 billion, representing a 6.2% increase year-over-year in reported terms and a 9.8% rise on a like-for-like basis. The company absorbed an approximately 3.6% negative foreign exchange impact, with strong performance in makeup and skincare driving the solid results.
Although fragrance market growth moderated slightly in the second half of the year, Puig’s diversified portfolio helped sustain stable overall performance.
Full Year: Five-Year Plan Completed, Targets Exceeded
For the full year 2025, revenue totaled €5.04 billion, up 5.3% in reported terms and 7.8% on a like-for-like basis. Net profit increased approximately 12% year-over-year to around €594 million.
Under the five-year strategic plan established in 2021, the company had set ambitious goals to double its 2020 sales within three years and triple them within five. Puig achieved these objectives ahead of its original targets.
Chairman and CEO Marc Puig stated during the earnings presentation: “We outperformed the premium beauty market, growing high-single-digits like-for-like; advanced our margin improvement ahead of guidance, and strengthened our balance sheet, all while continuing to invest for sustainable, long-term growth. We remain confident in our ability to continue delivering like-for-like revenue outperformance versus the premium beauty market.”
He also expressed confidence regarding market dynamics: “We have been living, both in fragrance particularly and the premium beauty market, on a ‘super-cycle,’ as some of you call it, since COVID-19. We see tailwinds, particularly for the fragrance category, because there are many trends emerging in the last few years that give us confidence that the category will continue growing faster than many other consumer categories.”
Performance by Segment
Fragrance and fashion remained Puig’s largest segment, accounting for 72% of total sales and generating €3.65 billion. The division grew approximately 4% in reported terms and over 6% on a like-for-like basis. Rabanne, Carolina Herrera, and Jean Paul Gaultier continued to hold leading positions in the global prestige fragrance market.
Makeup delivered the strongest growth rate, reaching €845 million in sales. The segment rose about 11% in reported terms and approximately 14% on a like-for-like basis. Charlotte Tilbury made a significant contribution, maintaining its No. 1 position in prestige makeup in the U.K. and ranking third in the U.S. Expansion via Amazon in the United States and entry into the Mexican market further supported growth.
Skincare generated €551 million, representing 11% of total sales. Uriage sustained double-digit growth driven by its hero lines Xemose and Age Absolu, alongside new product launches.
Regional Performance
EMEA accounted for 55% of total sales, generating €2.75 billion, up approximately 5% in reported terms.
The Americas represented 35% of sales, totaling €1.76 billion. While reported growth was around 3%, like-for-like growth reached approximately 8% when excluding foreign exchange effects and hyperinflation adjustments in Argentina.
Asia-Pacific generated €530 million, or 11% of total sales. The region recorded the highest growth, up roughly 17% in reported terms and more than 20% on a like-for-like basis.
Looking Ahead to 2026
For 2026, Puig expects to continue outperforming the premium beauty market while factoring in potential headwinds from foreign exchange and tariffs. The company will maintain its policy of distributing approximately 40% of net profit as dividends and will continue pursuing a selective approach to mergers and acquisitions, supported by disciplined financial management.
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