Puig exceeds expectations in Q1 2025… but worries about the future
Catalan group Puig surprises positively in Q1 2025 with growth above expectations. But behind these good figures lie the first signs of a slowdown that we’ll be watching closely.
A solid quarter, driven by fragrances
With sales exceeding 1.2 billion euros, an increase of +7.5%, Puig confirms its position as one of the world’s leading luxury brands. The Perfumes and Fashion division, the Group’s mainstay, posted a fine performance of +10.4%, accounting alone for 896 million euros, or almost 75% of total revenues.
His portfolio includes such iconic brands as Jean Paul Gaultier, Nina Ricci and Rabanne. All of which have helped Puig capture the interest of an ever-widening international public.
Make-up in decline, a changing market
While Skin Care posted a modest +7.2%, Make-up was down -6%. This worrying decline is due in particular to the explosion of “dupes”, low-cost copies that are nibbling away at the market share of top-of-the-range products.
Faced with this threat, Charlotte Tilbury, the group’s flagship brand, retaliated with a defensive campaign called “Legendary. For a reason”, aimed at reaffirming the value of the original in the face of imitation. An image strategy that demonstrates the group’s agility, but also its vulnerability.
Asia up sharply, America under scrutiny
Geographically, the Asia-Pacific region recorded a +13.2% surge, boosted by new sites in South Korea and Japan. TheAmericas followed with +11.8%, despite tensions linked to US tariffs.
CEO Marc Puig has confirmed that prices in the United States will rise soon, once current inventories have run out, which could impact on the competitiveness of the Group’s brands in this crucial market (37% of sales).
A cautious outlook for the rest of the year
Despite this excellent start, Puig is revising his ambitions downwards for 2025, anticipating moderate annual growth of +6 to +8%, compared with almost 11% in 2024.
Read also: Coty cuts 700 jobs worldwide
