The Spanish fashion and cosmetics group Puig presented its results for the first quarter of the 2026 financial year on Tuesday. Accordingly, the company’s development has recently been particularly burdened by unfavorable exchange rate changes.
In the period from January to March, the parent company’s consolidated sales of brands such as Carolina Herrera, Nina Ricci, Paco Rabanne, Jean Paul Gaultier and Dries Van Noten totaled 1.22 billion euros. This means that it only exceeded the level of the previous year’s quarter by 0.8 percent.
Management estimated the negative currency effects at four percentage points. On a comparable basis and at constant exchange rates, sales increased by 4.7 percent, according to a statement.
CEO Jose Manuel Albesa highlighted the positive overall development. “Once again, Puig delivered a solid first quarter and outperformed the premium beauty market. We have achieved this over the last five years, including the last eight quarters as a public company,” he said in a statement. “Our results are particularly significant when you take into account the challenging basis for comparison in our highest-selling Fragrances and Fashion segment.” All regions “contributed to growth on a comparable basis and at constant exchange rates,” emphasized Albesa. The impulse was particularly strong in the Asia-Pacific region.
In Asia, the group increased its sales by almost 18 percent
In the first quarter, sales in the fragrances and fashion division amounted to 897.2 million euros. This means that it remained almost unchanged compared to the same period last year. The make-up category grew by 3.3 percent to 170.8 million euros. In the skin care segment, revenue increased by 2.1 percent to 147.3 million euros.
In the most important market region EMEA, which includes Europe, the Middle East and Africa, group sales rose by 1.9 percent to 655.9 million euros, while in America they fell by five percent to 428.3 million euros due to negative currency effects. In the Asia-Pacific region, the group achieved an increase of 17.9 percent to 131 million euros.
Merger talks with Estée Lauder continue
Management also confirmed its annual forecasts. Solid sales growth is therefore expected to continue on a comparable basis and at constant exchange rates. The adjusted margin of earnings before interest, taxes, depreciation and amortization (EBITDA) is expected to reach the previous year’s level of 20.7 percent despite increased costs.
The group also stated that no decisions had yet been made in the ongoing discussions about a possible merger with the US group The Estée Lauder Companies Inc.
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