On the back of strong third-quarter sales, Puig expects to end 2025 on the mid-range of its full-year growth guidance of 6 percent to 8 percent, beating consensus expectations.
The Spanish beauty and fashion company’s sales in the three months ended Sept. 30 came to 1.3 billion euros, up 3.2 percent on a reported basis — ahead of the global premium beauty market — and 6.1 percent in like-for-like terms. All business segments contributed to the gains.
“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 of the company, during a call with financial analysts and journalists Thursday evening after the market close.
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In the third quarter, sales from Puig’s Fragrance and Fashion division were up 2.8 percent on an organic basis, while those of Makeup increased 18.8 percent — with Charlotte Tilbury on Amazon generating about half of that. Skin Care sales advanced 10.5 percent.
In the first nine months of 2025, sales at the company came to 3.6 billion euros, a 4.9 percent uptick on a reported basis, reflecting ongoing currency headwinds, and 7 percent in like-for-like terms.
“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.
The company’s business gained across all geographic regions on a like-for-like basis. The Europe, Middle East and Africa zone, which accounts for 53 percent of Puig’s net sales, reached 1.9 billion euros, a 3.9 percent like-for-like rise.
“This performance was supported by continuous strength in Derma and Charlotte Tilbury,” Puig said.
The Americas represented 37 percent of company net sales of 1.33 billion euros, which advanced 7.8 percent.
“This reflects the anticipated normalization in fragrance and the negative impact from foreign exchange,” Puig said. “Further, in this region, Fashion and Fragrance remained healthy in the U.S. However, we saw increased softness in the Latam markets, where we also continued to see competitive dynamics more broadly.”
The Asia-Pacific region kept outperforming, with sales of 367.6 million euros, with 23 percent organic growth. It is Puig’s fastest-growing region.
“This performance was supported by successful brand activations and strong momentum from Charlotte Tilbury, and a continued expansion of our niche fragrance business in the region, further helped by the continued benefit from the consolidation of our subsidiaries that we have been seeing this year,” Puig said.
He explained the group is confident in its pipeline of strong existing pillars and new launches for the upcoming holiday period.
“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.”
That was for growth to be in the low end of the range, and was announced after a soft July and August.
Prior to the release of Puig’s third-quarter sales, Jefferies had expected Puig to register 6.1 percent growth for the full year and consensus, 6.3 percent.
The company is also confident in its expectations for adjusted earnings before interest, taxes, depreciation and amortization margin expansion for 2025 in line with the improvement the company delivered in 2024.
“We approach the holiday period, which is very important to us, with confidence in achieving our full-year outlook,” Puig said.
The group sees that retailers’ open to buy is “healthy,” he added. “And so far, 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. We have been seeing moderation in the category over the past few months, but as I said before we see good vibes from the retailers at this point.”
Beauty companies have been noting a mitigation of fragrance category growth.
“Given [Puig’s approximate] 70 percent exposure, a category slowdown will likely have a material impact in the short run,” wrote David Hayes, a Jefferies equity analyst, in a note dated Oct. 7. “We have started to see this play out, with fragrance suppliers like Robertet and Givaudan flagging a slowdown of the broader category recently.”
Jefferies also noted North America as another risk for Puig.
“Consumers in the region are seemingly becoming less accepting of pricing (in part led by tariff pass through since August), which is more discretionary than all other beauty categories, we think,” Hayes wrote.
When asked about the rate of gains for the niche and premium fragrance segments, Puig said it’s been about 10 years that the niche perfume category grows fastest among fragrance segments.
“In our case, we’re seeing the niche year-to-date growth for our brands at double-digit and continues to bring growth for the category,” Puig said, adding that Byredo is the company’s engine of growth in niche.
In the second quarter, Puig’s market share in prestige fragrance globally was 10.9 percent.
“Twenty years ago, we had 3 percent market share in prestige fragrances worldwide,” Puig reminded. “We chose to focus on this category and believe we had structural advantages that make us able to continue gaining market share.”
But that’s not necessarily going to happen in each quarter of every year.
“We are confident that we have the ingredients to be able to keep winning in the long term,” Puig said. “When we look at the year as a whole, we normally win positions during Christmas. So we hope that this Christmas we will continue being able to capture market share, as we have been doing for many of the past years.”