Puig growth slows to +3.17 percent, impacted by exchange rates

Madrid – Puig, the Spanish fashion and beauty multinational owning a brand portfolio that includes Carolina Herrera, Jean Paul Gaultier and Rabanne, has reported its sales for the third quarter of its current 2025 fiscal year. For the period ending September 30, the company was affected by exchange rates, closing with a revenue increase of +3.17 percent.

According to the accounts submitted to the National Securities Market Commission (CNMV), Puig recorded net sales of 1.29 billion euros in the third quarter of 2025. This figure represents a +3.17 percent increase compared to the 1.25 billion euros in sales from the same period last year. Puig's management, however, reports a +6.1 percent increase on a like-for-like basis and at constant exchange rates.

Following this latest update, and adding sales from the first quarter of 1.20 billion euros (+7.87 percent year-over-year growth) and the second quarter of 1.09 billion euros (+3.89 percent), the Spanish company has completed the first nine months of the year with total revenues of 3.59 billion euros. This figure represents a +4.9 percent increase compared to the 3.42 billion euros recorded in the same period last year.

“Puig has closed another solid quarter, supported by sustained growth across all business segments and the strength of our brands,” stated Marc Puig, executive chairman of Puig, in a statement from the company.

Lowest growth rate since IPO

To put this sales evolution into context, the reported growth rate of +3.17 percent for this last third quarter is the lowest recorded by Puig since its IPO. Following the operation, sales in the first half of 2024 increased by +9.58 percent. The company's growth continued at +11.1 percent in the third quarter of 2024 and +14.3 percent in the fourth quarter of 2024. Subsequently, the growth rate slowed to +7.87 percent in the first quarter of 2025, then to +3.89 percent in the second quarter of 2025, and finally to +3.2 percent in the third quarter of 2025.

Stagnation in fragrances and fashion and drop in revenues in the Americas

Building on trends from the end of the second quarter, the continued impact of exchange rates affected all of Puig's business areas during the third quarter. The key 'Fragrances and Fashion' segment saw sales stagnate at 932.4 million euros (+0.04 percent). 'Make-up' sales, however, soared to 230 million euros (+14.65 percent). Revenues in the 'Skincare' category also rose to 134.5 million euros (+8.2 percent).

By market, the EMEA region remains Puig's main source of revenue, with total sales of 699.3 million euros (+3.43 percent). This positive growth was hampered by exchange rate effects on its operations in the Americas, where revenues declined to 463.7 million euros (-2.7 percent). To balance and diversify revenue streams, its business in the Asia-Pacific region saw significant growth, with quarterly sales of 133.9 million euros (+28.50 percent), although it remains smaller in total terms.

Confirmation of outlook

For the remainder of the year, the company has confirmed its outlook for the 2025 fiscal year. It expects to close with a like-for-like sales increase of between +six and +eight percent. It also anticipates an increase in the adjusted EBITDA margin, in line with the +12.3 percent from the 2024 fiscal year. These estimates are based on the performance in the last third quarter and a reported “solid start to the fourth quarter”.

“We are approaching the Christmas season with full confidence, thanks to our solid execution capabilities, disciplined management and relevant launches, including Carolina Herrera's 'La Bomba',” says Puig. “With this, we ratify the commitments made at the beginning of the year.” He added that a further update on the outlook and objectives will be provided during Puig's next “Capital Markets Day”, now scheduled for April 16 and 17, 2026.

This article was translated to English using an AI tool.

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