Puig Sales Rise 4.7% in Q1
The Spanish conglomerate said a final decision has not yet been reached with Estée Lauder Companies on the potential merger.
Reported by Vogue.
Puig just posted a 4.7% revenue bump to €1.2 billion in Q1, and it's doing something most luxury conglomerates can't pull off right now: outpacing the premium beauty market. The Spanish beauty behemoth, which went public less than two years ago, is proving that its sprawling portfolio of niche and prestige brands—from Charlotte Tilbury to Byredo to Nina Ricci—still has serious commercial momentum, even as luxury spending gets weird.
The real surprise isn't fragrance and fashion, which still accounts for 74% of revenue and grew a modest 3.9%. It's makeup and skincare that are actually moving the needle. Makeup surged 9.2%, powered by Charlotte Tilbury's dominance across Asia-Pacific and Europe, with specific wins from the Airbrush Flawless Blur concealer and the Beauty Soulmates Palette. Skincare climbed 4.7%, buoyed by Uriage's reformulated Xemose C8+ line and the continued traction of botanical brand Apivita. These categories are where Puig is building real differentiation—not just riding heritage.
Geography tells a different story
Geography is where things get complicated. Asia-Pacific absolutely popped at 26.1% growth, driven by niche fragrances and, again, Charlotte Tilbury's expansion. EMEA—which represents more than half of Puig's business—grew a cautious 3%, reflecting what the company calls a "moderate consumer environment." The Americas crawled along at 2%. But the Middle East is the real pressure point: revenues declined 1.2%, and Puig expects that contraction to persist, citing ongoing regional conflict and prioritizing employee safety. It's a reminder that even fortress luxury brands aren't insulated from geopolitics.
There's also the elephant in the room: Puig's rumored merger with Estée Lauder, announced in March. The company's official line is that "no final decision has been made," which is corporate speak for "we're still negotiating." For now, Puig's new CEO Jose Manuel Albesa is talking about a "strong pipeline of innovation" and doubling down on the brands that actually work—which, increasingly, means betting bigger on prestige makeup and skincare over legacy fragrance.
What this quarter reveals is that the future of luxury is decidedly more segmented: Charlotte Tilbury's mass-prestige approach crushes it in some regions, niche fragrances have their loyal believers, and botanical skincare is quietly becoming the category nobody wants to miss.
Read the original at Vogue.
