The Barcelona-based firm behind perfume brands Rabanne, Carolina Herrera and Jean Paul Gaultier said net sales for the three-months ending Sept. 30 were €1.26 billion ($1.35 billion), above the average of €1.17 billion forecast by analysts polled by LSEG.
Puig, which made its debut on the Spanish stock exchange in May, is less exposed to the Chinese market than most of its peers. More than half of its net sales came from Europe, the Middle East and Africa, where they grew by 14 percent last quarter.
In Asia, sales were up 1 percent to €103 million, while they rose 10 percent in the Americas region.
Chief Executive Marc Puig said retailers are quite bullish on the fragrance category to build up inventory for the holiday season, adding the company is not yet seeing any slowdown in markets such as the U.S. or Europe.
“We see optimism for Christmas,” he told analysts during a call after results came out.
Rival L’Oréal last week reported a 3.4 percent rise in third-quarter sales, a result that fell short of expectations. The company blamed lower demand for beauty products in China and slower growth in its dermatology division.
Meanwhile, French luxury giant LVMH saw a 3 percent fall in sales, undershooting estimates as demand in China and Japan weakened.
Puig, which also owns luxury skincare and makeup brands Byredo and Charlotte Tilbury, told investors in September it expects sales this year to grow at a faster pace than the 6 percent-7 percent forecast for the global premium beauty market.
The company’s net sales grew 10 percent to €3.42 billion in the first nine months of the year.
Sales in its fragrance business, which generates most of Puig’s revenue, grew by 11 percent, while skincare sales increased by 19 percent.
The company’s makeup brands sold 7.3 percent more, despite cosmetic product sales remaining weak in Asia.
By Corina Pons
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