Q1 2026: Puig’s Sales Growth Slows Down Despite Charlotte Tilbury’s Success
Spanish beauty conglomerate Puig, parent company of luxury brands Byredo and Charlotte Tilbury, reported a softened sales growth in its Q1 2026 earnings. The net revenues reached €1.22 billion, representing a 4.7% like-for-like growth.
The company faced significant headwinds from currency fluctuations, particularly the weakness of the U.S. dollar. This resulted in a negative 4% impact on the overall quarterly sales. Despite these challenges, Charlotte Tilbury’s makeup division drove a strong performance with sales of €170.8 million. This success was achieved through robust growth across the Asia-Pacific and EMEA regions.
During the Tuesday earnings call, CEO Jose Manuel Albesa confirmed that merger discussions with Estée Lauder Companies are ongoing. However, he emphasized that “no final decision has been made yet.” If the merger is completed, the combined entity would create a beauty powerhouse with over $20 billion in estimated sales.
The Asia-Pacific region showed particularly strong momentum with 26.1% organic gains. This was led by niche fragrances and Charlotte Tilbury. However, the prestige fragrance market is normalizing after pandemic-era growth spurts, with market expansion at around 3.5% in the quarter. Puig maintained its full-year guidance and expects to continue outperforming the premium beauty market.
Source: Business of Fashion