On April 28, Spanish beauty and fashion company Puig announced its financial results for the first quarter of 2026. Net revenue reached €1.215 billion, representing a +4.7% increase on a like-for-like (LFL) basis and +0.8% on a reported basis. While foreign exchange weighed on performance, the company continued to outperform the overall premium beauty market.
Compared to the same period last year (approximately €1.206 billion), growth showed a slight deceleration. However, Puig achieved positive growth across all segments and regions, underscoring the resilience of its business portfolio and the strength of its brand mix.
Makeup Leads Growth, Fragrance Remains Stable
By segment, the Fragrance and Fashion division, which accounts for approximately 74% of total revenue, generated €897 million, with LFL growth of +3.9%. Performance was supported by prestige brands such as Carolina Herrera, as well as double-digit growth in niche fragrances.
The Makeup segment recorded the strongest performance among the three divisions, with revenue of €171 million and LFL growth of +9.2%. This was primarily driven by continued strength from Charlotte Tilbury, particularly in Asia-Pacific and EMEA.
The Skincare segment generated €147 million in revenue, with LFL growth of +4.7%, supported by key product lines from Uriage and Apivita.
Asia-Pacific Emerges as a Key Growth Driver
All regions delivered LFL growth during the quarter. Notably, Asia-Pacific recorded a standout increase of +26.1%, with revenue reaching €131 million. Growth in the region was driven by strong demand for niche fragrances and continued momentum from Charlotte Tilbury.
EMEA posted revenue of €656 million with LFL growth of +3.0%, while the Americas generated €428 million with LFL growth of +2.0%. However, reported growth in the Americas was negative due to foreign exchange headwinds.
Leadership Transition and Ongoing Strategic Discussions
On March 17, 2026, Jose Manuel Albesa was appointed CEO of Puig. Marc Puig transitioned to the role of Executive Chairman and continues to be involved in the company’s management. Miquel Angel Serra was appointed Chief Financial Officer.
In addition, on March 23, the company announced that it is in discussions regarding a potential business combination with The Estée Lauder Companies. No final decision has been made at this stage.
Confidence in Niche Brands and Innovation Pipeline
Commenting on the results, Jose Manuel Albesa stated: “Leading Puig into its next chapter is an opportunity I embrace with deep pride and responsibility. Once again, Puig delivered a solid Q1, outperforming the premium beauty market, as we have done over each one of the last five years, including each of the last eight quarters as a public company.
Our performance is particularly notable given a demanding comparison in our largest segment, Fragrance and Fashion, and reflects the strength, desirability and resilience of our Prestige and Niche brands. We also saw a strong contribution from Makeup, with Charlotte Tilbury delivering strong growth, and steady delivery in Skincare.
This is only the beginning of the year and we have a strong pipeline of innovation. We remain incredibly excited about the continued outperformance of our Niche brands and the potential that lies in Charlotte Tilbury and our skincare brands for the long term.”
The company reaffirmed its full-year 2026 outlook, maintaining its expectation to continue outperforming the premium beauty market. Despite ongoing uncertainty in the cost environment, adjusted EBITDA margins are expected to remain stable at levels in line with 2025, as the company continues to monitor macroeconomic volatility while maintaining confidence in delivering market outperformance throughout the year.
Looking ahead, upcoming quarters will see accelerated innovation driven by Rabanne’s “1 Million” and “Invictus,” alongside the launch of a new feminine fragrance from Jean Paul Gaultier, further reinforcing key growth drivers anchored in its core brands.
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