Puig Defies Market Trends with Strong Sales Surge

Puig, a Barcelona-based fashion and perfumes company, reported an 11% rise in third-quarter sales, outperforming competitors affected by weaker China demand. The firm's sales exceeded analysts' forecasts, with strong performances in Europe, the Middle East, and Africa. Optimism remains for increased holiday season sales.

Spanish fashion and perfumes company Puig has reported an impressive 11% increase in third-quarter sales, outperforming market expectations despite peers facing declining demand in China. The Barcelona-based company, known for brands like Rabanne and Carolina Herrera, saw its net sales reach 1.26 billion euros, surpassing analyst predictions.

Puig's relatively lower exposure to the Chinese market compared to its competitors worked to its advantage. The company saw robust sales growth of 14% in Europe, the Middle East, and Africa. Sales also rose by 10% in the Americas, while a modest growth of 1% was observed in Asia.

CEO Marc Puig expressed optimism regarding the upcoming holiday season, citing retailer confidence in the fragrance market. Rival companies like L'Oreal and LVMH reported less favorable outcomes, partly blaming reduced demand in China for their performance. Puig remains optimistic about its sales growth outpacing that of the global premium beauty market.

(With inputs from agencies.)