Puig gains US$4B in revenue driven by fragrance

Puig has reported a net revenue of €3.596 billion (US$4.14 billion) for the year’s first three quarters, with the Fragrance and Fashion segment demonstrating the highest performance. The division accounted for 73% of the company’s revenue.

Meanwhile, the company reported year-over-year growth of 4.9% and a like-for-like (LFL) growth of 7% for the first nine months of this year. The Asia-Pacific (APAC) region was noted as the company’s fastest-growing market.  

“Puig delivered another strong quarter, supported by continued growth across all business segments and by the strength of our brands,” says Marc Puig, chairman and CEO of Puig. 

“We approach the holiday season with full confidence in achieving our full-year outlook, leveraging our strong execution capabilities, disciplined management, and exciting launches, including Carolina Herrera’s La Bomba. And so, we reaffirm the commitments we made at the beginning of the year. ”

Breaking down segments and regions

For the first nine months, Puig’s Fragrance and Fashion segment had the highest revenue of €2.617 billion (US$3.012 billion). It had a 4.1% reported growth and 6.4% LFL. 

In Q3, revenue for Fragrance and Fashion totaled €932.4 million (US$1.073 billion). Compared to a strong performance in Q3 last year, Puig says the latest financial report reflects the anticipated moderation in the global fragrance market and the impact of exchange rates.

The Makeup segment recorded revenue of €569.2 million (US$655.59 million), accounting for 16% of the company’s net revenue. It had a 6.4% reported growth and 8.3% LFL. In Q3, Makeup totaled €230 million (US$264.9 million) in revenue, a 14.7% reported growth and an 18.8% LFL. 

Puig attributes the growth in Makeup to the sustained success of the Charlotte Tilbury brand and a robust retail performance, including pipelining into Amazon US.

Meanwhile, the Skincare segment achieved €410 million (US$472.16 million) in revenue, representing 11% of total revenue. It had an 8.1% reported growth and 9.2% LFL. The segments’ Q3 revenue equaled €134.5 million (US$158.88 million) with a reported growth of 8.2% and LFL 10.5%.

The EMEA region had the highest revenue, accounting for all three quarters.Fastest-growing region

Geographically, the Europe, Middle East, Africa (EMEA) region had the highest revenue so far in the financial year, reporting €1.898 billion (US$2.185 billion). Followed by the Americas, reporting €1.330 billion (US$1.531 billion), and the APAC region, reporting €368 million (US$423.8 million) in revenue. 

Reported growth for the EMEA, Americas, and APAC regions was 3.7%, 3.1%, and 23%, respectively, for the first nine months. 

The strong growth in the APAC region is attributed to factors such as successful brand activations and a strong momentum for Charlotte Tilbury. This region accounts for 10% of total revenue and is Puig’s fastest-growing market.

In this year’s Q2 report, Puig posted net revenue of €2.3 billion (US$2.7 billion), up 7.6% like-for-like, for the first half of 2025. Similar to Q3, Fragrances drove performance, while makeup regained momentum.

The company reconfirms its full-year 2025 outlook of 6-8% like-for-like growth, and expects Q4 to deliver growth in the middle of the range.