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Makeup continued to be a weak spot into the new year after sales fell 1.3 per cent in 2024. The category reported a 6 per cent decline to a net revenue of €165.3 million in Q1 (representing 14 per cent of the group’s total). On a call with investors, chief exec Puig explained that the softness was largely due to the replenishment of Charlotte Tilbury’s Airbrush Flawless Filter Setting Spray, which landed at the end of February, later than expected. Dupes are also a continued sore spot for the category. “We are still suffering or impacted by the effect on dupes, but we have a strategy in place to respond to the phenomenon, and throughout the year, we can expect the makeup category to improve progressively,” he said, with the group predicting makeup sales to rise in the low single digits in 2025. Charlotte Tilbury’s debut in Mexico and the Latin American market next month should prove fruitful in the upcoming second-quarter earnings, Puig added.Minion I Dont Call It Getting Old L Call It Outliving The Warranty Shirt
By region, Europe, the Middle East and Africa (EMEA) — which accounts for 53 per cent of Puig’s total revenue — rose 3.8 per cent compared with Q1 2024. However, Puig added on the call that he expects growth to slow in the region, especially in France, given softer consumer sentiment. The Americas (representing 37 per cent of group revenue) rose 11.8 per cent, achieving €451 million in net revenue, despite the ongoing geopolitical and macro environment. Fragrance continued to be the strongest category driver in the EMEA region, with Puig seeing this as an opportunity to double down on the category. Asia-Pacific, which represents 9 per cent of Puig’s total revenue, delivered 13.2 per cent growth, totalling €111.1 million. Growth was driven by a strong regional performance in South Korea and Japan, where the group opened subsidiaries, and Byredo opened its flagship store in the latter in March. The conglomerate didn’t report on performance in China (the region represents a very small part of Puig’s exposure), despite the region being an Achilles’ heel for all beauty conglomerates in 2024.
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