Puig Q3 Sales Surpass Expectations with Robust Growth Across Key Markets

Puig, the Spanish beauty and fashion conglomerate, has reported an impressive 11.6 percent like-for-like sales growth for the third quarter, surpassing the expected 8.8 percent. This notable increase reflects a rebound from the first-half results and highlights the company’s strong market presence, especially in its core sectors of fragrance and fashion.

The company’s total sales for the third quarter amounted to 1.26 billion euros, marking an 11.1 percent rise on a reported basis. This surge was largely driven by robust performance in the EMEA (Europe, Middle East, and Africa) and Americas regions, which have shown resilience and growth amidst varying market conditions. The company’s fragrance and fashion segments have been particularly strong, with double-digit growth that reinforces Puig’s competitive position in the market.

Puig’s acquisition of a majority stake in the Dr. Barbara Sturm brand earlier this year also appears to be paying off, contributing to the company’s growth trajectory in the skincare segment. This segment alone saw a significant rise, reporting a 22.9 percent increase in sales on a reported basis and a 9.4 percent organic growth.

The makeup sector has returned to positive growth, with brands like Charlotte Tilbury showing strong performance in major markets, despite facing tougher comparisons in the upcoming quarters due to previous high baseline sales. This positive trend is expected to continue, albeit with cautious optimism due to the competitive nature of the sector.

Regionally, EMEA stands out as Puig’s largest and fastest-growing market, with significant sales increases reported. The Americas also demonstrated solid growth, particularly in the fragrance and makeup categories. However, the Asia-Pacific region presents a challenging market landscape, showing minimal growth, which the company aims to address with strategic investments and expansion of its presence.

As Puig heads into the final quarter of 2024, the company remains optimistic about meeting its fiscal-year targets, buoyed by its diversified portfolio and strategic brand management. The overall outlook suggests a stable trajectory for Puig, poised to continue its pattern of growth and market leadership in the beauty and fashion industry.