Puig reports 79% jump in first-half profit as US tariffs drive early sales

Puig, the Spanish beauty group behind brands such as Rabanne and Jean Paul Gaultier, saw profits jump 79% to €275 million in H1 2024, driven by early U.S. shipments and price hikes ahead of higher tariffs.

Spanish beauty group Puig, the company behind global perfume brands such as Rabanne, Carolina Herrera, and Jean Paul Gaultier, reported on Tuesday that its first-half net profit surged 79% to €275 million ($322 million). The growth was attributed to a strong sales performance, partly driven by strategic stock movements ahead of the implementation of higher U.S. import tariffs.

Puig said the increase in profit was also supported by extraordinary gains linked to its stock market flotation last year.

Like many European fashion, cosmetics, and consumer goods brands, Puig mitigated the initial tariff impact by shipping large volumes of inventory to the U.S. earlier in the year. The company also passed on some of the higher costs to consumers through price increases.

The U.S. introduced 15% tariffs on most imported European Union goods under a new agreement with the EU in July. These duties are significantly higher—around ten times—than the average tariffs previously applied to imported EU beauty products before President Donald Trump‘s return to the White House.

The Barcelona-based group reported sales of €2.29 billion for the January–June period, representing an 8% year-on-year increase. That figure is roughly in line with Puig’s projected full-year growth expectations.