The Barcelona-based beauty company Puig reported quarterly sales, excluding currency fluctuations, rose 7.6% from a year ago, in line with the growth it expects for the full year. CEO Marc Puig expressed confidence that the group could weather US tariffs and has formulated a dupe “revenge plan."

Puig said, “In the first half of 2025, we delivered strong and consistent revenue growth of 7.5% LFL growth in Q1 and 7.7% in Q2. We showed robust performance across our segments and regions, reflecting the health and resilience of our portfolio in an evolving global beauty market."

The Barcelona-based group confirmed that it expects revenue growth to decelerate to between 6% and 8% in 2025 after an 11% increase in 2024, as it navigates the challenge of expected higher tariffs in the United States, one of its biggest markets.

Puig said during an analysts call that whatever tariffs will be, the impact this year "will be relatively minor because most of the stock is already in the United States."

Puig generated €2,299 million ($2.48 billion) in net revenue in H1 2025. This represented +7.6% LFL growth compared to the same period of 2024 and +5.9% on a reported basis. Exchange rates had a negative impact of (1.7%) in the first half of 2025.

Performance in Q2 remained consistent with Q1, registering €1,093 million ($1.27 billion)  in revenues, and +7.7% LFL growth. This was offset by a negative FX impact of (3.8%), resulting in reported growth of +3.9%.

Puig continued, "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. We remain confident in our ability to outperform the premium beauty market and we maintain our full-year outlook.”

Fragrance and Fashion

• Delivered another solid performance in H1 2025 with €1,685 million ($1,952 million) in net revenue, up +8.6% LFL (+6.5% reported).
• The segment represented 73% of Puig's revenue in H1 2025. 
• In Q2, the segment delivered net revenue of €788 million ($912 million) and grew +6.7% LFL, reflecting a moderation in the category growth.
• The +2.4% reported growth was impacted negatively by foreign exchange.
• This period also saw the prelaunch of Carolina Herrera’s new fragrance La Bomba, the brand’s most significant fragrance debut since 2016, which is expected to be a new growth driver for the brand in the second half of the year.
• Byredo led growth in Niche with double-digit performance.

Makeup

• Returned to positive growth in H1 2025 with a net revenue of €339 million ($392 million) and +2.0% LFL growth (+1.4% reported). This segment contributed 15% of Puig's revenue in H1 2025.
• In Q2, the segment recorded €174 million ($201 million) in revenue and delivered doubledigit LFL growth of +10.5% (+7.4% reported). This recovery in Q2 was fueled by a combination of strategic launches and expanded geographical and channel reach.
• Noteworthy Charlotte Tilbury innovations in this period included the Super Nudes collection and the expansion of the Unreal franchise with Unreal Blush and Unreal Lips.

Skincare

• Continued showing a strong performance in H1 2025 with net revenue of €276 million ($319 million) and +8.6% LFL growth (+8.1% reported).
• Skincare represented 12% of Puig’s net revenue in the period.
• In Q2, the segment grew strongly to €131 million ($151 million) in revenue, representing +10.2% LFL growth (+8.3% reported).
• The continued positive double-digit performance of Uriage, the largest brand in the segment, led growth, complemented by Charlotte Tilbury skincare. 

Geography

EMEA delivered €1,199 million ($1,389 million) in net revenue and +3.6% LFL growth (+3.9% reported) in H1 2025. The region generated 52% of Puig's net revenues in the period. In Q2, EMEA delivered €555 million ($646 million) in net revenue with +3.5% LFL growth (+3.4% reported). The region continued to experience mixed performance across markets. 

The Americas continued its solid trajectory generating net revenue of €867 million ($1,004 million) in H1 2025 with a +10.9% LFL growth (+6.5% reported). This represented 38% of Puig's net revenues. In Q2, the region maintained its momentum with net revenue of €416 million ($482 million) and +10.0% LFL growth. Reported growth of +1.6% was negatively impacted by foreign exchange effects.

APAC net revenue reached €234 million ($271 million) in H1 2025, growing +16.5% LFL (+14.7% reported) and representing 10% of Puig's net revenue in the period. In Q2, revenue increased to €123 million ($142 million) with accelerating LFL growth of +19.5% (+14.9% reported). The region continued to benefit from strong performances in South Korea and Japan, complemented by increased local activations for Charlotte Tilbury.

Puig maintains its full-year 2025 outlook, targeting LFL revenue growth of 6% to 8% and continued expansion of its Adjusted EBITDA margin. This guidance reflects confidence in its strategy while considering ongoing economic and geopolitical uncertainty.