PUIG Brands: Reality Check After the IPO Euphoria
- Administrateur
- Dec 8, 2025
- 2 min read
Puig, a major player in Spanish luxury, has established itself as a benchmark in the "Prestige" segment. With its "House of Brands" model (Paco Rabanne, Carolina Herrera, Jean Paul Gaultier), the group derives its strength from hyper-specialization. Revenue structure analysis confirms the dominance of the "Fragrance and Fashion" segment, the true profit engine, overshadowing the Makeup and Skincare divisions. Geographically, EMEA remains the group's stronghold (50% of the mix), providing stability against volatility in American and Asian markets.
News: The IPO and 2025 Actuals
Following its historic IPO in Madrid in 2024, Puig is now facing the rigor of quarterly reporting. While the IPO successfully structured the capital, 2025 marks the first true post-market resilience test. Investors, accustomed to double-digit growth rates during the roadshows, are now confronting a new accounting reality.
Performance Analysis: Confirmed Slowdown over 9 Months
A review of the published quarterly results for the first three quarters of 2025 (Q1, Q2, Q3) reveals a sharp break in the growth trend. While the group posted explosive growth between 2021 and 2023 (+40% then +19%), the 2025 figures show a brutal normalization.
Q1 2025: €1,206m (+7.7% vs Q1 2024)
Q2 2025: €1,093m (+3.8% vs Q2 2024)
Q3 2025: €1,297m (+3.1% vs Q3 2024)
Over the first 9 months of 2025, organic growth has fallen below the 5% mark, a pace well below the group's historical standards and potentially lagging behind certain "Beauty & Luxury" sector peers. This slowdown is structural: the Makeup segment is struggling to recruit new consumers, and even the flagship "Fragrance" division is suffering from an unfavorable base effect following the post-COVID consumption boom. Net profitability remains high (operating leverage gained in 2023-2024), but the top-line is running out of steam. The market is penalizing not the quality of the assets, but the end of an hyper-growth cycle.
Conclusion
Puig has transitioned from a "growth stock" to a "value stock" faster than anticipated. With quarterly growth now flirting with 3% in Q3 2025, the group must urgently find new drivers (M&A or disruptive innovation) to justify its stock valuation multiples.
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