In the first half of 2025, Puig continued its upward momentum with a 7.7% like-for-like sales growth to €2.3 billion ($2.7 billion). The Spanish conglomerate and owner of brands like Charlotte Tilbury, Byredo and Rabanne reported growth across all categories on Tuesday’s first half results, with 6.5% growth in revenue across the fragrance and fashion sector, 1.4% across makeup, and 8.1% across skin care. The company maintains its full-year 2025 outlook, expecting like-for-like revenue growth of 6-8%.
On its Tuesday earnings call, Puig CEO Marc Puig stated that the niche fragrance sector specifically saw double-digit growth, as led by Byredo. Puig acquired the Swedish brand in 2022 in a $1 billion deal. In June, Byredo founder Ben Gorham announced his departure from the brand, leaving questions of how the niche perfume pioneer will operate without him. Puig also owns niche perfume houses L’Artisan Parfumeur and Penhaligon’s.
Puig expects the fragrance momentum will slow in the second half of the year; however, it anticipates moderate single-digit growth. But the tariff situation and upcoming holiday shopping season make the full outlook difficult to predict, he added. Fragrance, which includes niche brands like Byredo and designer brands like Jean Paul Gaultier, contributed 73% of Puig’s revenue in H1 2025.
“It’s still maybe too early [to predict], because in fragrance the most important season is Christmas, and we still don’t have yet the feedback from retailers, nor do we have yet all the answers from the consequences of some of the impacts of the tariffs,” said Puig.
While home to a host of European brands, much of Puig’s growth came from outside of Europe. Puig reported significant revenue growth in both Asia-Pacific and the Americas, at 14.7% and 6.5%, respectively. EMEA, meanwhile, saw a 3.9% growth in the first half of 2025. The company attributed the growth in Asia-Pacific to strong performances in South Korea and Japan, as well as increased activations from Charlotte Tilbury, which hosted pop-ups in Singapore and Malaysia in the first half of the year.
The company cited Charlotte Tilbury as its strongest performer in makeup as a whole, a category where competitors like The Estée Lauder Companies have struggled. The makeup artist-founded brand will launch on Amazon in the U.S. in Q3, Puig shared on Tuesday’s call.
Puig also announced the creation of a new deputy CEO role, to be fulfilled by Jose Manuel Albesa who has been with the company since 1998. The company declined to share the details of Albesa’s responsibilities in the new role.
“Since I was appointed CEO nearly 20 years ago, the company has grown more than six times. And the complexity and the challenges that we have made us, together with the board, decide to reinforce with the appointment of Jose Manuel Albesa,” Puig stated on Tuesday’s call.
