Puig experiences slowdown in the Americas and in fragrances and fashion

Madrid – Puig, the leading Spanish multinational in the fashion and beauty sectors, has reported its sales figures for the second quarter of its 2025 financial year. This period ended on 30 June. The company acknowledges its accounts have been affected by exchange rates, especially due to the weakness of the US dollar. This weakness is a consequence of the tariff policies instigated by President Donald Trump.

Puig informed the Spanish National Securities Market Commission (CNMV) that the company closed the second quarter of its 2025 financial year with net sales of 1,093.5 million euros. This represents a growth of 3.86 percent compared to the 1,052.8 million euros recorded during the same period of the previous year.

These figures complement the sales recorded at the close of the first quarter of this financial year. The Spanish company completed this quarter with sales of 1,206 million euros (7.87 percent year-on-year growth).

Puig's performance in H1

Puig closes the first half of 2025 with total net sales of 2,299.3 million euros (5.9 percent growth). This is positive growth. However, the trend is much more moderate than at the start of this financial year. It is also more moderate than the trend at the close of the first half of 2024. At that time, the company experienced a sales increase of 9.58 percent compared to the previous year.

“In the first half of 2025, we maintained strong and consistent growth,” in comparable terms, “of 7.5 percent LFL in the first quarter and 7.7 percent LFL in the second,” said Marc Puig, executive chairman of Puig.

In a general assessment of the results, he added, “Our segments and regions performed solidly. This demonstrates the health and resilience of our brand portfolio in a changing market context.” He highlighted, “It is encouraging to see the recovery of the ‘Make-up’ segment in the second quarter.” He concluded, “We remain confident in our ability to outperform the premium beauty market and maintain our outlook for the 2025 financial year.”

Growth slows down in the Americas and the "Fragrances and Fashion" division

Puig's sales figures for the second quarter of 2025, broken down by business lines, show the "Fragrances and Fashion" division experienced a notable contraction in its growth rate. Growth went from 10.4 percent during the first quarter to 2.4 percent in the second, to 788.3 million euros. Puig attributes this to the negative impact of exchange rates.

The "Make-up" operations experienced much more positive behaviour. After contracting sales in the first quarter, it has returned to growth, with a sales increase of 7.4 percent to 173.8 million euros. Operations in the "Skincare" segment improved sales by 8.3 percent, to 131.3 million euros.

Meanwhile, by market, the EMEA region remains Puig's main source of revenue. Sales during the second quarter of 2025 were 555 million euros (3.4 percent growth, compared to 4.3 percent growth recorded in the first quarter).

The Americas region follows. Puig's business has been particularly affected in this region. Management claims this is especially due to the weakness of the US dollar. This is one of the consequences of the tariff policies instigated by US President Donald J. Trump since April. This resulted in net sales of 416 million euros (1.6 percent growth, compared to the 11.5 percent growth experienced during the first quarter in the Americas).

The Asia-Pacific region closes this geographical breakdown. Puig's sales here have even exceeded the growth shown during the first quarter, of 14.5 percent, with sales remaining up to 122.5 million euros (14.9 percent).

Confirmation of outlook

Looking ahead to the rest of the year, Puig has confirmed its growth outlook. The company expects a sales increase, in comparable terms, in the range of 6 to 8 percent. It also expects an increase in adjusted EBITDA margin, in line with the twelve point three percent experienced during the 2024 financial year.