Puig's H1 Revenue Up 2.4%, but Asia-Pacific Steals the Show with 17% Growth Powered by Byredo and Charlotte Tilbury
Revenue hit €2.35 billion, up 2.4% year-over-year, with Middle East tensions dragging down about €14 million. But Asia-Pacific delivered a standout 17% growth, driven by niche fragrances and Charlotte Tilbury — the brightest spot in the entire earnings report.
The most interesting number in this earnings report isn't the group's overall revenue — it's Asia-Pacific's 17.0% growth, and what's driving it isn't classic fashion fragrances like Carolina Herrera, but niche fragrance houses Byredo and Dries Van Noten, plus British beauty brand Charlotte Tilbury.
Puig's H1 2026 (January-June) results show revenue of €2.3537 billion, up 2.4% year-over-year, or 4.4% on a like-for-like basis excluding currency effects. Adjusted EBITDA came in at €459.6 million, up 3.2%, while net profit attributable to the parent company fell 4.4% to €262.82 million. A weaker dollar had a 2.1% negative impact on revenue, and tensions in the Middle East cost the company roughly €14 million — though the hit was smaller than the group had originally expected.
The Fragrance & Fashion division, which accounts for 73% of revenue, brought in €1.7161 billion, up 1.9% (3.8% on a like-for-like basis). Within the Prestige category, Carolina Herrera posted double-digit growth, while the niche fragrance category — home to Byredo and Dries Van Noten — outpaced the broader market with double-digit growth of its own. The makeup division, at 15% of revenue, actually posted the fastest growth of all: €358.8 million, up 5.8% (9.1% like-for-like), driven mainly by Charlotte Tilbury maintaining its leading position in key markets, expanded distribution through UK drugstore chain Boots in Q2, and momentum from new product launches. The skincare division, at 12% of revenue, had a tougher time — €278.8 million, up just 1.2% (2.3% like-for-like). Dermocosmetics brand Uriage still delivered double-digit growth, but weakness in the premium skincare market combined with product line adjustments led to a 0.3% like-for-like revenue decline in Q2.
By region, EMEA (Europe, Middle East, Africa), accounting for 52% of revenue, brought in €1.2211 billion, up 1.9% (2.6% like-for-like). The Americas, at 37% of revenue, posted €859.2 million — down 0.9% on a reported basis, but up 2.6% like-for-like, with the dollar's weakness explaining the reported decline. By contrast, Asia-Pacific, though just 12% of revenue, delivered €273.4 million, up a striking 17.0% (20.9% like-for-like), with the group crediting niche fragrance and Charlotte Tilbury as the main drivers behind the region's growth.
Puig CEO José Manuel Albesa said the group gained market share across every category and region in the first half, and that the 4.4% like-for-like revenue growth reflects strong consumer response to its brand portfolio. The group maintained its full-year 2026 outlook, expecting revenue growth to outpace the broader prestige beauty market, with full-year adjusted EBITDA margin holding steady at 2025 levels.
