Puig posts record Q3 sales of €1.39 billion as make-up grows 16%

Puig, the Spanish fragrance, fashion and beauty group behind Carolina Herrera, Charlotte Tilbury and Byredo, reported record sales for the third quarter of 2026 in an update released after the market closed on Wednesday, 21 October 2026. Net revenue for July to September reached about €1.39 billion, up 7.2% on a reported basis and 5.6% like-for-like. Make-up was the fastest-growing part of the business, rising 16.1%, while skincare declined for a second quarter in a row.

"Like-for-like" growth strips out the effect of currency swings and of brands bought or sold during the year, so it shows how much more customers actually bought from the same businesses. Puig's acceleration from 4.1% to 5.6% on that measure, suggests that shoppers are still spending on some kinds of beauty, especially colour cosmetics and distinctive perfumes.

The make-up figure is largely the story of Charlotte Tilbury, the make-up brand that carries its founder's name and is part of the Puig group. Reports linked its growth to strong demand and wider distribution through large beauty retailers such as Sephora, Ulta and Boots. It shows how a founder-led brand can become one of the main growth engines of a global group.

The performance of niche fragrance is also telling. Byredo, Penhaligon's and L'Artisan Parfumeur are small, higher-priced perfume houses that sell scent as something personal rather than mass-market. Their double-digit growth shows that buyers are willing to pay more for scent with a distinct identity. Skincare is the exception. Puig's premium skincare brands struggled, particularly in North America, even as its dermatologist-style skincare, led by Uriage, did better.

For India, Puig published no country figures, so the results say nothing directly about Indian sales. Indian brands and designers who sell make-up or perfume can still read them as a signal of where global demand is moving.

Short-term: Investors will look for more detail at the Capital Markets Day on 28 October, including how Puig plans to revive premium skincare and keep the make-up momentum going.

Long-term: Puig's results add to evidence that the beauty industry is splitting, with make-up, fragrance and dermatology-led skincare growing while traditional premium skincare struggles. Brands, designers and retailers that work in these categories may adjust their product launches and shelf space to follow that demand.

Who is affected: Puig's investors and staff; competing beauty groups; retailers such as Sephora, Ulta and Boots that stock its brands; and shoppers, whose preferences for colour cosmetics and niche perfumes are driving the growth.

Questions and Answers