Puig Reports €1.39 Billion Record Q3 Revenue, APAC Leads Growth
The Spanish beauty group's nine-month revenue reached €3.74 billion, with makeup as its fastest-growing segment and Asia-Pacific leading regional expansion.
Puig Posts Record Third Quarter Results
Spanish beauty conglomerate Puig recorded its highest-ever third-quarter revenue for the period ending 30 September 2026. The company's Q3 revenue reached €1,391 million, marking a +5.6% increase on a like-for-like (LFL) basis and +7.2% on a reported basis.
For the first nine months of 2026, Puig's revenue climbed to €3,744.5 million, reflecting a +4.8% LFL growth and +4.2% on a reported basis. This performance was primarily fueled by strong contributions from its Fragrances and Makeup divisions.
Puig CEO Jose Manuel Albesa expressed satisfaction with the consistent delivery and broad momentum across all business segments and geographic regions, reaffirming the company's full-year 2026 outlook.
Makeup and Dermo-Cosmetics Drive Category Performance
Makeup emerged as Puig's fastest-growing business segment during the first nine months of 2026, with net revenue rising +12.0% LFL to €628 million, accounting for 17% of the total. Q3 makeup revenue alone grew +16.1% LFL to €270 million, supported by market share gains and new product introductions, including Charlotte Tilbury's Airbrush Flawless Blur Loose Powder.
Skincare revenue increased +1.3% LFL to €414 million for the nine-month period, representing 11% of total revenue. Within skincare, the Dermo-Cosmetics segment, led by Uriage, delivered double-digit growth in Q3, while premium skincare experienced softer demand. CEO Albesa highlighted dermo-cosmetics as a key future growth driver for the skincare portfolio.
Asia-Pacific Leads Regional Expansion
The Asia-Pacific (APAC) region was Puig's fastest-growing market in the first nine months of 2026, with net revenue expanding +17.9% LFL to €430 million, making up 11% of the company's total revenue. Q3 APAC revenue alone saw a +12.9% LFL increase to €157 million, boosted by strong performances in Niche Fragrances and Makeup, leveraging digital channels.
Elsewhere, Europe, Middle East & Africa (EMEA) generated €1,949 million, growing +3.0% LFL in the nine months, while the Americas contributed €1,366 million with a +3.8% LFL increase. Puig's Charlotte Tilbury Beauty brand also expanded its presence in Asia-Pacific travel retail, opening its first standalone boutiques in Kuala Lumpur and Bangkok.
Asia's Strategic Importance for Puig
Puig's robust double-digit growth in Asia-Pacific, particularly in niche fragrances and makeup, underscores the region's increasing strategic value for the Spanish beauty group.
The expansion of Charlotte Tilbury's travel retail footprint in key Asian hubs like Kuala Lumpur and Bangkok demonstrates Puig’s direct investment in reaching Asian consumers through high-traffic channels.
Furthermore, CEO Jose Manuel Albesa's emphasis on dermo-cosmetics as a future growth engine for skincare aligns with rising consumer demand in Asia for science-backed, accessible beauty products. Asian distributors and retailers may find opportunities in Puig's focused approach to these categories and its expanding physical presence.
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