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Span’s Puig defies China slump with 11% growth

Spanish fashion and perfumes company Puig reported an 11% increase in Q3 sales, reaching 1.26 billion euros ($1.35 billion), surpassing analysts’ expectations amid disappointing results from sector rivals due to lower demand in China. Less exposed to the Chinese market, Puig’s growth was driven by a 14% rise in sales from Europe, the Middle East, and Africa, while sales in Asia increased by 1% and rose 10% in the Americas. CEO Marc Puig expressed optimism for the holiday season, noting strong retailer confidence in fragrances. In contrast, rivals like L’Oreal and LVMH reported weaker results.

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