Spanish fragrances-to-fashion house Puig has posted what it dubbed a “solid” start to 2026 with +4.7% year-on-year growth in like-for-like net revenues (+0.8% reported) to €1,215 million. The company claimed the performance put it ahead of the premium beauty market.

Puig Chief Executive Officer José Manuel Albesa acknowledged the impact of the Middle East conflict on the company’s domestic and travel retail business in the region. “The Middle East roughly represents about 4% of our total sales. The impact in this first quarter was 1.2%,” he said during an earnings call yesterday (28 April).

“For the first half, we expect this impact to be -1%. We are very careful about the situation, and our first priority is the safety of all our employees,” he observed.

“We can also share with you that travel retail is the most-affected part of the Middle East business, and we see different levels of performance between Saudi and Dubai. Overall, we are taking good care of the situation.”

Groupwide, Q1 delivered continued outperformance by the Fragrance and Fashion segment (+3.9% like-for-like), sustained delivery by the Skincare segment (+4.7%) and strong performance in Makeup (+9.2%).

All regions delivered growth on a like-for-like basis, led by an “exceptional” +26.1% increase (all figures like-for-like) in APAC, +3.0% in EMEA and +2.0% in the Americas.

Albesa, appointed to the role on 17 March, said, “Leading Puig into its next chapter is an opportunity I embrace with deep pride and responsibility.

“Once again, Puig delivered a solid Q1, outperforming the premium beauty market, as we have done over each one of the last five years, including each of the last eight quarters as a public company.

“Our performance is particularly notable given a demanding comparison in our largest segment, Fragrance and Fashion, and reflects the strength, desirability and resilience of our Prestige and Niche brands. We also saw a strong contribution from Makeup, with Charlotte Tilbury delivering strong growth, and steady delivery in Skincare.

“This is only the beginning of the year and we have a strong pipeline of innovation. We remain incredibly excited about the continued outperformance of our Niche brands and the potential that lies in Charlotte Tilbury and our skincare brands for the long term.

“The following quarters will see accelerated innovation behind 1 Million and Invictus from Rabanne alongside the launch of a new feminine fragrance from Jean Paul Gaultier. {Main story continues beneath the panel}

“All regions contributed to growth on a like-for-like basis, with particularly strong momentum in APAC. The region represents over a third of the global beauty market, yet accounts for just 11% of Puig’s sales.

“We have been investing in reducing this gap for several years, and given the strong double-digit performance from recent quarters, we believe now is the right moment to accelerate.

“In EMEA, our priority has been ensuring the safety of our teams in the Middle East as we navigate a challenging situation in the region, and I want to thank them for their resilience and commitment during this time. In the broader EMEA and Americas regions, we delivered steady performances.

“While we continue to monitor the ongoing macroeconomic uncertainty, we are confirming our 2026 outlook and remain confident in our capacity to outperform the market.”