Puig sales rise as new CEO signals confidence for year ahead

Puig reported revenue of €1.215 billion (£1.053 billion) for the first quarter of 2026, representing 4.7% like-for-like and 0.8% reported growth.

The fragrance and fashion segment, which accounts for 74% of total revenue, generated €897 million (£777 million). Performance was supported by continued strength in Carolina Herrera and double-digit growth in niche fragrances.

Makeup, representing 14% of net revenue, delivered €171 million (£148 million), up 9.2% like-for-like and 3.3% reported growth. Growth was driven by ongoing momentum at Charlotte Tilbury, with key launches including the Airbrush Flawless Blur concealer and extensions of the Pillow Talk franchise.

Skincare, accounting for 12% of revenue, reached €147 million (£127 million), up 4.7% like-for-like and 2.1% reported. The segment was supported by continued demand for Uriage’s Xemose C8+ franchise following its updated formulation, alongside solid performance from Apivita.

All regions also recorded growth. APAC led performance with 26.1% growth, while EMEA rose 3% and the Americas 2%.

Puig reaffirmed its FY26 outlook, stating it expects to outperform the premium beauty market on a like-for-like basis and maintain adjusted EBITDA margins in line with FY25, despite ongoing cost pressures.

José Manuel Albesa, who joined Puig as CEO last month, said: "Leading Puig into its next chapter is an opportunity I embrace with deep pride and responsibility.

"This is only the beginning of the year and we have a strong pipeline of innovation. We remain incredibly excited about the continued outperformance of our niche brands and the potential that lies in Charlotte Tilbury and our skincare brands for the long term.

"While we continue to monitor ongoing macroeconomic uncertainty, we are confirming our 2026 outlook and remain confident in our capacity to outperform the market."

The update follows earlier confirmation from Estée Lauder has entered exploratory discussions with Puig regarding a potential business combination.

If completed, such a deal would represent a significant consolidation in the global beauty sector, combining two major groups with extensive brand portfolios. Previous reports have suggested a potential combined valuation of around $40 billion, though this remains speculative.

With this trading update, Puig said no agreement has been finalised and there is no assurance that any transaction will occur or what its terms may be.

Read what an Estée Lauder-Puig merger could mean for beauty - experts weigh in.