Puig Beats Forecasts as Makeup Sales Offset Skincare Dip

Posted on October 21, 2026

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· Last updated: October 21, 2026

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Puig Surpasses Sales Forecasts as Strong Makeup Offsets Skincare Decline

Puig’s Third-Quarter Sales Performance and Market Outlook

By Mireia Merino and Marta Serafinko

Oct 21 (Reuters) – Spanish beauty company Puig reported stronger-than-expected third-quarter sales growth on Wednesday, as robust demand for Charlotte Tilbury makeup helped offset softer skin care and a broader cooldown in post-pandemic fragrance demand

Investors are assessing whether the Barcelona-based firm can keep gaining market share, with demand for fragrance holding up better than other areas of beauty. They are also watching whether strength in makeup can offset softness in prestige skin care and support growth

Key Financial Highlights

Revenue and Segment Performance

KEY DETAILS

• Third-quarter net revenue was €1.39 billion ($1.56 billion), up 5.6% like-for-like, well above Jefferies’ forecast of 5.0%

• Puig said the Middle East conflict did not meaningfully affect its performance in the region, from where it generates a tenth of its sales

Category Breakdown

• Fragrances and fashion, the bulk of its revenue, rose 3.9%, makeup up 16.1% and skin care down 0.8%, on a like-for-like basis

Regional Sales Growth

• Like-for-like sales by region: EMEA — its largest market — up 3.8%, Americas 6.2% and Asia-Pacific 12.9%

Strategic Initiatives and Outlook

• The company maintained its 2026 guidance, including like-for-like revenue growth ahead of the premium beauty market and a nearly 40% dividend payout ratio

• It will hold its first Capital Markets Day on October 28

• Weakness in premium skincare, especially in North America, will likely continue into Q4 and start easing next year, Puig said on a call

($1 = 0.89 euros)

(Reporting by Mireia Merino and Marta Serafinko, Editing by Joyjeet Das)

• Third‑quarter net revenue of €1,391 million (+5.6% LFL), beating forecasts and reiterating full‑year guidance (uk.marketscreener.com)
• Makeup grew 16.1% LFL in Q3, led by Charlotte Tilbury innovations, while skin care dipped modestly (–0.8%) (uk.marketscreener.com)
• Strong regional performance: Asia‑Pacific up 12.9%, Americas up 6.2%, EMEA up 3.8% LFL (uk.marketscreener.com)

Frequently Asked Questions

How did Puig perform in the third quarter?
Puig’s third-quarter net revenue rose to €1.39 billion, up 5.6% like-for-like, beating analyst forecasts.
What offset the skincare sales dip for Puig?
Strong demand for Charlotte Tilbury makeup helped offset weakness in Puig’s skincare segment.
Which regions contributed most to Puig’s sales growth?
Asia-Pacific led growth with a 12.9% increase, followed by the Americas at 6.2% and EMEA at 3.8%.
What is Puig’s outlook for its skincare segment?
Puig expects ongoing weakness in premium skincare, especially in North America, to ease beginning next year.

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