PARIS — Puig on Wednesday reported that its second-quarter 2025 sales reached 1.09 billion euros and maintained its outlook for the full year.

Sales in the three months ended June 30 rose 3.9 percent on a reported basis and 7.7 percent in like-for-like terms for the Spanish beauty and fashion company, with a portfolio including Rabanne, Nina Ricci, Carolina Herrera, Penhaligon’s and Loto del Sur. Sales were negatively impacted by minus 3.8 percent from currency exchanges, primarily due to the weak U.S. dollar. 

By product category and on an organic basis, fragrance and fashion sales were up 6.7 percent to 788.3 million euros; makeup sales grew 10.5 percent to 173.8 million euros, and skin care sales advanced 10.2 percent to 131.3 million euros in the period. 

That compared to analysts’ expectations of like-for-like growth of 8 percent for fragrance and fashion, 3.5 percent for makeup and 7 percent for skin care.

“A miss in fragrance is unhelpful, but importantly is within the 6 percent to 8 percent guide for the [quarter] outlined at first-quarter results,” wrote David Hayes, an equity analyst at Jefferies, in a note. 

“That shortfall [versus] consensus is completely compensated by a notable acceleration in makeup/Charlotte Tilbury and also a beat in skin,” he continued. “The guidance reiteration completes an update that we think will support the shares ahead of peers tomorrow a.m.”

In the first half of 2025, Puig’s net sales reached 2.3 billion euros, up 5.9 percent in reported terms and 7.6 percent on a like-for-like basis. 

“We continue to outperform the premium beauty market, as we have been doing since 2021,” said Marc Puig, chairman and chief executive officer of Puig, during a call with analysts and journalists Wednesday evening, after the market close.

He explained the growth in the half came from numerous factors, including “a healthy performance in our fragrance and fashion segment, an encouraging improvement in our makeup segment in second quarter and promised delivery from our skin care segment throughout the first half of 2025.”

The company registered growth across all of its geographic zones, with double-digit organic increases in the Americas and the Asia-Pacific region.

The executive underlined that Jean Paul Gaultier continued to lead gains among Puig’s prestige fragrance brands, supported by Carolina Herrera. The group’s niche fragrance category grew by double-digits, led by Byredo.

Puig lauded the positive reception of the debut Dries Van Noten womenswear collection by Julian Klausner, in March, given by both the press and retailers. Klausner presented his first menswear collection for the brand last month in Paris.

“The makeup segment returned to positive growth in first half 2025,” said Puig, explaining this was due to a number of successful launches from Charlotte Tilbury, as well as the brand’s expanded distribution into Mexico and travel retail, plus activations in several Asian markets.

The Uriage skin care brand posted double-digit gains, and Charlotte Tilbury skin care also delivered growth.

The Europe, Middle East and Africa region remained Puig’s largest in the half, with sales of 1.2 billion euros, up 3.6 percent like-for-like. The group’s skin care and makeup sales improved there. 

“We [keep seeing] mixed performances across this region, with continued softness in markets such as France,” Puig said. “The Americas continued on a solid trajectory of underlying growth.”

There, organic sales grew 10.9 percent to 867 million euros. “We continue to see strong performances across categories,” said Puig, adding there was also increased geographic penetration in the Americas.

In the Asia-Pacific region, sales reached 233.6 million euros, up 16.5 percent organically. “The region continued to benefit from strong performances in South Korea and Japan, where we have newer subsidiaries,” Puig said.

There were increased local activations for Charlotte Tilbury in Australia and China, as well.

Puig said the group maintains its 2025 outlook, including like-for-like sales growth in the 6 percent to 8 percent range, ahead of the premium beauty market, and an adjusted EBITDA margin improvement in line with last year’s.

“While we are very encouraged by our strong pipeline for the year, we also want to remind you that we will be up against strong comps in the third and fourth quarters,” Puig said.  

During the call’s question-and-answer session, he fielded wide-ranging subjects, including about what the impact of possible tariffs of 30 percent in the U.S. on European imports, as announced by U.S. President Donald Trump, might be.

“We did say that our outlook was based on an assumption, on a hypothesis, of 20 percent [tariffs],” Puig said. “This is a changing plan — as we see — but in any case, for this year, at the end, whatever tariff we have the impact will be relatively minor because most of the stock is already in the country, in the U.S.

“So if there are changes or effects, they will be seen mostly in the next years,” he continued. 

Puig was asked whether the departure of Ben Gorham, Byredo’s founder, would change the brand’s strategy. 

“Ben created Byredo. He made it [with] a very differentiated point of view, and we have worked with him for the last years,” Puig said. “Now he has chosen to go a different path. We have proven to be quite good at keeping the personality of the brands that we take over.”

Regarding what Puig’s pricing policy will be this year, the executive said: “Independently of what the final tariffs are, we decided already to make price increases in August — we have already published that information — in the midsingle-digits.”

This was the decision made before the 30 percent tariffs were recently announced. Puig is taking a wait-and-see approach to what the tariff level ultimately becomes and how competition reacts to that.

When asked about expectations for foreign exchange in the second half, Puig said: “We are projecting an impact between reported and like-for-like in the next quarters not as big as we saw in the second quarter, but still significant, because we are comparing to a dollar exchange rate that was much stronger at the end of last year.”