Puig revenues rose 4.7% on a like-for-like basis to €1.2 billion in the first quarter of 2026, the company said on Tuesday.
“Once again, Puig delivered a solid Q1, outperforming the premium beauty market, as we have done over the last five years, including the last eight quarters as a public company,” said Jose Manuel Albesa, who was appointed CEO of Puig in March. “Our performance is particularly notable given a demanding comparison in our largest segment — fragrance and fashion — and reflects the strength, desirability, and resilience of our prestige and niche brands.”
Fragrance and fashion accounted for 74% of the Spanish conglomerate’s total revenue, growing 3.9% on a like-for-like basis. But it was makeup and skincare that showed the biggest signs of growth, rising 9.2% and 4.7% in Q1, respectively. “We saw a strong contribution from makeup, with Charlotte Tilbury delivering strong growth, and steady delivery in skincare,” Albesa added.
As for Puig’s potential merger with Estée Lauder Companies (ELC), which was announced in March, the company said that “no final decision has been made. Unless and until an agreement is reached, there can be no assurances regarding the transaction or the terms.”
By category, fragrance and fashion revenues reached €896.4 million in the quarter. The former was boosted by the launch of Carolina Herrera’s La Bomba in the US, as well as double-digit growth across niche brands like Byredo. Regarding its fashion business, which consists of Dries Van Noten, Nina Ricci and Jean Paul Gaultier, there is still no word on who will succeed Harris Reed at Nina Ricci.
Makeup was once again the star category for Puig, as revenues grew to €171 million, driven largely by Charlotte Tilbury’s performance in the Asia-Pacific and EMEA (Europe, the Middle East, and Africa) markets. The brand’s Airbrush Flawless Blur concealer, Balm Lip Tint, and Beauty Soulmates Palette were listed as standouts.
In skincare, the group delivered €147 million in sales, in large part thanks to Uriage’s newly formulated Xemose C8+ franchise, as well as natural cosmetics brand Apivita. Loto del Sur, the premium botanical beauty brand, was also called out for its continued expansion across Latin America.
EMEA accounted for 54% of revenue in Q1, reaching €656 million and growing 3% like-for-like. Puig said the results reflected the moderate consumer environment, with growth led by fragrances, fashion, and makeup. The Americas represented 35% of revenue and delivered 2% growth, while Asia-Pacific revenues were robust, rising 26.1% to €131 million, driven by niche fragrances and Charlotte Tilbury. However, the Middle East declined by 1.2%, which the company credited to the ongoing conflict in the region. It anticipates for this to continue into next quarter, but added that it is monitoring the situation.
“This is only the beginning of the year and we have a strong pipeline of innovation,” said Albesa. “In EMEA, our priority has been ensuring the safety of our teams in the Middle East as we navigate a challenging situation in the region, and I want to thank them for their resilience and commitment during this time.”
