Runway vs. Revenue: Puig Q1 2025 – Scaling with Strength
Record growth, regional expansion, and portfolio depth define Puig’s confident start to 2025.
A Strong Start for a Flexible Giant
Puig opened 2025 with record Q1 revenue of €1.206 billion, growing +7.5% like-for-like and +7.8% reported, handily outperforming the broader premium beauty market.
This growth was driven by the consistent outperformance of its largest segment, Fragrances & Fashion, which accounts for 74% of revenue and grew +10.4% LFL. This momentum was underpinned by standout contributions from prestige fragrance icons like Jean Paul Gaultier, Rabanne, and Carolina Herrera.
Makeup, representing 14% of total revenue, declined -6.0% LFL, while Skincare (12%) grew steadily at +7.2% LFL, led by Uriage and supported by Charlotte Tilbury’s skincare range.
Global Growth, with Targeted Expansion
All regions reported growth:
EMEA: +3.8% LFL | 53% of revenue | Fragrance & skincare-led
Americas: +11.8% LFL | 37% of revenue | Powered by prestige fragrance
APAC: +13.2% LFL | 9% of revenue | Key growth region with new subsidiaries
Particularly in South Korea and Japan, Puig is scaling up: in 2023 and 2024 it opened new subsidiaries and in March 2025, launched a flagship Byredo store in Japan — reinforcing its luxury niche strategy.
Portfolio Power: Depth, Agility & Identity
From mass prestige to high-concept niche, Puig operates with remarkable range. Its brand ecosystem is a blend of storytelling and category depth:
Fragrance & Fashion: Flagship brands like JPG, Rabanne, and Carolina Herrera deliver core growth
Makeup: Charlotte Tilbury remains the anchor, despite a soft quarter
Skincare: Growth led by Uriage, with momentum across wellness and hybrid skincare
Byredo: A key brand in both fragrance and fashion, now expanding geographically
Dries Van Noten: Debuted the first collection by Julian Klausner, signaling a new creative era
Puig's ability to reposition and scale simultaneously sets it apart. Its agility in cross-category management and fast execution across regions gives the group a unique resilience.
Outlook: Calm Confidence in a Shifting Market
Puig maintains its FY 2025 outlook of +6% to +8% LFL growth, and expects EBITDA margin expansion compared to 2024. It continues to monitor macro and tariff impacts (notably in the U.S.), but is proactively adapting with pricing measures.
This is a company that knows where its growth comes from — and how to protect it.
Stay tuned for more insights on the business behind beauty.
