Puig Sales Growth Slows Despite Stable Revenue

Spanish beauty company Puig reported slower sales growth on Tuesday, reflecting more moderate demand particularly in fragrances which account for ​the bulk of its sales.

The results highlight growing pressure on the global ‌beauty sector as geopolitical tensions in the Middle East disrupt airport shopping and curb international travel, a key sales channel for premium fragrance makers.

The slowdown also follows a loss of momentum in ​the broader fragrance market as consumers turn more cautious, raising concerns about the ​sustainability of recent growth trends across the industry.

Key Details

• The group posted ⁠revenue of €1.22 billion ($1.43 billion) in the first three months of the year, ​slightly above the €1.21 billion booked in the same period last year

• J.P. Morgan ​analysts had expected Puig’s first-quarter like-for-like sales to grow 2.2 percent, supported by growth across all divisions even though the global fragrance boom is cooling and luxury demand remains uncertain

• Puig, which derives a tenth ​of sales from travel retail, did not provide total travel-retail sales but is one of ​the more exposed beauty companies to swings in airport shopping and international travel, according to analysts

• The ‌Middle ⁠East conflict had about a 1.2 percent estimated negative impact, mainly in March, with further impacts expected and the company monitoring the situation

• By region, like-for-like sales in the Americas increased 2.0 percent, Asia-Pacific rose 26.1 percent, and EMEA, its largest market, grew a modest 3 percent, reflecting ​softer consumer demand

• Fragrances and ​fashion, which account ⁠for about 74 percent of sales, rose 3.9 percent, while makeup and skincare categories increased 9.2 percent and 4.7 percent, respectively

• The company maintains its 2026 outlook ​despite the macroeconomic uncertainty, Puig’s chief executive officer Jose Manuel Albesa ​said

• The results ⁠come amid talks regarding a potential merger with U.S. cosmetics giant Estee Lauder which would create the world’s largest premium beauty player with brands including Tom Ford, Carolina Herrera, Rabanne, ⁠Jean Paul ​Gaultier, and Clinique under one roof

• No final decision ​has been taken as of April 28, and no assurance on the deal or its terms has been ​made, Puig added

Learn more:

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