Puig Revenue Hits €2.35 Billion as Makeup and Asia-Pacific Lead Growth

Spanish luxury fashion and beauty group Puig delivered net revenue of €2.35 billion ($2.55 billion) in the first half of 2026, gaining market share behind strong makeup sales and double-digit expansion across Asia-Pacific.

Revenue for the six-month period ending June 30 grew 4.4% on a like-for-like basis and 2.4% on a reported basis. Currency headwinds, driven primarily by the fluctuations in the US dollar, reduced reported growth by 2.1 percentage points.

Adjusted EBITDA rose 3.2% to €459.6 million, expanding the operating margin by 15 basis points to 19.5%. Adjusted net profit increased 5.2% to €260.3 million. However, reported net profit slipped 4.4% to €262.8 million, weighed down by transaction-related expenses and a tough comparison against extraordinary income recorded in 2025.

"Puig delivered a strong first half of 2026, gaining market share across categories and geographies," said Jose Manuel Albesa, Chief Executive Officer of Puig. "Our 4.4% like-for-like revenue growth reflects the strength of our connection with consumers around the world and the power of our distinctive brand portfolio."

The first-half performance builds on underlying momentum across key business lines, even as Puig reported 4.1% sales growth driven by fragrance and makeup in its second-quarter report.

Makeup proved to be Puig’s fastest-growing category during the half, with revenue surging 9.1% on a like-for-like basis to €358.8 million. Core brand Charlotte Tilbury gained 0.4 percentage points of market share by value, propelled by strong sell-out rates and expanded retail distribution through UK pharmacy chain Boots in the second quarter.

Despite the top-line gain, operating profit for the makeup division decreased from €12.1 million to €6.5 million as Puig ramped up advertising and promotional spending to fuel Charlotte Tilbury's global expansion.

Fragrance and fashion remained the group’s largest division, representing 73% of total company revenue. Segment sales rose 3.8% on a like-for-like basis to €1.72 billion, energized by double-digit gains at Carolina Herrera and across Puig’s niche fragrance portfolio, which includes Byredo and Dries Van Noten.

Skincare revenue climbed 2.3% on a like-for-like basis to €278.8 million. Dermo-cosmetic brand Uriage generated double-digit expansion in core territories, though broader soft trends across the premium skincare landscape led to a 0.3% like-for-like decline for the division in the second quarter.

Geographically, Asia-Pacific led all regions with a 20.9% revenue surge to €273.4 million, fueled by booming demand for niche fragrances and Charlotte Tilbury cosmetics. Revenue across Europe, the Middle East, and Africa (EMEA) grew 2.6% to €1.22 billion, matching a 2.6% gain in the Americas, which reached €859.2 million.

Geopolitical disruption in the Middle East trimmed an estimated €14 million from first-half revenue, primarily impacting travel retail—a channel challenge also felt across the broader luxury landscape where sustained growth at Sephora helped boost LVMH first-half sales.

Looking ahead, Puig reaffirmed its full-year guidance, projecting like-for-like growth to outpace the overall premium beauty market while preserving a stable adjusted EBITDA margin compared to 2025.