Strong H1 for Puig, but China remains missing puzzle piece

What happened Puig, the Spanish beauty and fashion powerhouse, reported strong H1 2025 results, with net revenue rising 7.6% year-on-year to 2.29 billion euros ($2.51 billion). All three of its core divisions — fragrance and fashion, makeup, and skincare — posted growth, led by its largest segment, fragrance and fashion, which generated €1.68 billion ($1.84 billion), accounting for 73% of total revenue. Makeup rebounded modestly, with sales up 2% to 339 million euros ($370 million), boosted by Charlotte Tilbury’s performance in travel retail and key markets such as Mexico and China. Skincare also grew 8.6% YoY to 276 million euros ($301 million), supported by steady sales from Uriage and Dr. Barbara Sturm. By region, EMEA remained Puig’s largest market, generating 1.19 billion euros ($1.31 billion) in revenue, up 3.6%, though markets like France showed signs of weakness. The U.S. performed strongly overall, with revenue rising 10.9% to 867 million euros ($946 million), although Q2 gains were partially offset by adverse exchange rates. Asia Pacific was the fastest-growing region in H1, with revenue increasing 16.5% to 235 million euros ($255 million). Q2 alone saw a 19.5% YoY jump, driven by momentum in Korea and Japan and supported by Charlotte Tilbury’s campaigns in Australia and China. Despite this robust growth, APAC still accounts for just 10% of Puig’s global sales. The Jing Take While Puig’s H1 results underscore continued global expansion, they also reveal a persistent shortfall in one of its most strategic markets: China. Although Asia Pacific is growing at a rapid pace, the region’s current 10% contribution to total sales remains far from Puig’s long-stated ambition of deriving 25% of group revenue from China alone. For now, that target appears distant. Charlotte Tilbury is leading Puig’s efforts to gain ground in China. The brand has expanded its local footprint through Gen Z-favored celebrity endorsements — such as Cai Xukun and Zhao Lusi — livestreams with top influencer Li Jiaqi, Douyin campaigns, and a product launch in Shanghai. According to local data, Charlotte Tilbury’s official Douyin flagship store recorded gross merchandise value (GMV) exceeding 100 million RMB ($13.9 million) in H1 2025, more than double its sales from the same period last year. However, competition in China’s prestige beauty sector remains intense, and the brand’s market share is still modest. Puig’s niche fragrance brands, including Byredo and Penhaligon’s, continue to find appeal among younger consumers globally but face increasing saturation in China’s high-end fragrance segment. The company’s planned August price increases, partly in response to anticipated tariffs, may test consumers’ willingness to absorb further premiums, particularly in more price-sensitive Asian markets. Looking ahead, Puig maintains its full-year outlook of 6-8% top-line growth but acknowledges tougher comparables in H2. While APAC offers long term upside, particularly through skincare and color cosmetics, the group’s ability to close the China gap will be key to achieving its strategic ambitions in the region. The Jing Take reports on a piece of the leading news and presents our editorial team’s analysis of the key implications for the luxury industry. In the recurring column, we analyze everything from product drops and mergers to heated debate sprouting on Chinese social media.

Strong H1 for Puig, but China remains missing puzzle piece

On this page

Published July 22, 2025

Sectors

Insights

Company

Get Started with

SUBSCRIBE for full access to analysis, insights, and coverage.

Strong H1 for Puig, but China remains missing puzzle piece