The Tamesis
Puig said on Tuesday that revenue in the first quarter of 2026 rose 4.7% year-on-year to 1.2 billion euros.
“Puig once again delivered solid first-quarter results, moving beyond the premium beauty market as we have done over the past five years, including the past eight quarters as a public company,” said Jose Manuel Albesa, who was appointed CEO of Puig in March. “Our performance is particularly notable given the rigorous comparisons of our largest segments – fragrance and fashion – and reflects the strength, appeal and resilience of our prestige and niche brands.”
The fragrance and fashion business accounted for 74% of the Spanish group’s total revenue, up 3.9% year-on-year. But cosmetics and skin care products showed the biggest signs of growth, growing 9.2% and 4.7% respectively in the first quarter. Albesa added: “We saw strong contributions from the color cosmetics industry, with Charlotte Tilbury delivering strong growth and consistent delivery in skincare.”
As for Puig’s potential merger with The Estée Lauder Companies (ELC), which was announced in March, the company said, “No final decision has been made. Unless an agreement is reached, no guarantees can be made about the transaction or terms.”
By category, fragrance and fashion revenue reached 896.4 million euros in the quarter. The former was driven by the US launch of Carolina Herrera’s La Bomba and double-digit growth from niche brands such as Byredo. As for the fashion business, which consists of Dries Van Noten, Nina Ricci and Jean Paul Gaultier, there is no word yet on who will succeed Harris Reed from Nina Ricci.
Cosmetics once again became Puig’s star category, with revenue growing to 171 million euros, mainly due to Charlotte Tilbury’s performance in the Asia-Pacific and EMEA (Europe, Middle East and Africa) markets. The brand’s Airbrush Flawless Blur Concealer, Balm Lip Tint and Beauty Soulmates Palette all topped the list.
In skin care, the group achieved sales of €147 million, thanks in large part to Uriage’s newly formulated Xemose C8+ franchise and natural cosmetics brand Apivita. Premium botanical beauty brand Loto del Sur was also praised for its continued expansion in Latin America.
The Europe, Middle East and Africa region accounted for 54% of first-quarter revenue, reaching 656 million euros, a year-on-year increase of 3%. Puig said the results reflected a moderate consumer environment, with fragrance, fashion and cosmetics driving growth. The Americas region, which accounted for 35% of revenue, achieved 2% growth, while revenue in the Asia-Pacific region was strong, growing 26.1% to 131 million euros, driven by niche fragrances and Charlotte Tilbury. However, the Middle East declined 1.2%, which the company attributed to ongoing conflicts in the region. It expected the situation to continue into the next quarter but added that it was monitoring the situation.
“This is just the beginning of the year and we have a strong pipeline of innovation,” Albesa said. “In EMEA, our priority is ensuring the safety of our teams in the Middle East as we navigate the challenging situation in the region, and I would like to thank them for their resilience and commitment during this period.”
