The Spanish group Puig kicked off the 2026 fiscal year with a solid performance praised by company executives. In the first quarter, the Spanish giant’s revenue reached €1.215 billion, up 4.7% at constant exchange rates and 0.8% on a reported basis.
While the increase is remarkable in absolute terms, especially in these times of economic instability, it nevertheless signals a slowdown following several years of strong expansion. Sales momentum is waning in the Fragrance & Fashion division, the company’s historic core business. The division grew by 3.9%, but growth is slower compared to recent years. Rather than a real weakening, this more moderate increase indicates a normalization of the global fragrance market following a particularly dynamic post-pandemic period. The Rabanne and Jean Paul Gaultier brands continue to consistently drive the business.
A Rebalancing Driven by Makeup
Conversely, makeup posted sustained growth (9.2%), driven by Charlotte Tilbury, a brand that has become iconic in a very short time, particularly among Gen Z consumers. The skincare division, meanwhile, remained fairly stable (4.7%).
Geographically, Asia-Pacific, with a spectacular 26.1% surge, has become the growth engine, although the region still accounts for only 11% of total revenue. Conversely, EMEA (3.0%) and the Americas (2.0%) show a more pronounced slowdown, notably affected by geopolitical tensions and the decline in travel retail, the latter being a key channel for premium perfumery.
A strategic transition under new leadership
The start of this year also marks a major turning point for Puig, highlighted by the appointment on March 17 of José Manuel Albesa as CEO, while Marc Puig retains the role of Executive Chairman. The transition comes during a phase of strategic acceleration, particularly around innovation.
The group has announced several major fragrance launches and a new women’s perfume for Jean Paul Gaultier. This dynamic strategy, combined with the rise of segments such as makeup, is expected to continue supporting Puig’s growth in the coming years.
Key Points:
• Puig reported +4.7% growth in the first quarter of 2026, confirming a slowdown after several years of sustained expansion.
• The Fragrance & Fashion division is showing signs of stabilization, while makeup is emerging as a new growth driver.
• Strong performance in Asia-Pacific and recent governance changes reflect a strategic repositioning in a more uncertain market.
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