This week in beauty, strong results from Puig, Amouage, and Robertet underscored the industry’s resilience.
US SUPREME COURT DEALS MAJOR BLOW TO TRUMP’S TARIFFS
The Supreme Court ruledthat President Trump exceeded his authority by imposing tariffs under the 1977 International Emergency Economic Powers Act, finding that the law does not authorize to unilaterally impose tariffs of unlimited amount, duration and scope. The decision invalidates many of Trump’s tariffs including “reciprocal” duties and those targeting Canada, China and Mexico, though steel and aluminum tariffs imposed under different laws remain in place. Companies that paid the now-invalidated tariffs may be eligible for refunds totaling billions of dollars.
PUIG FY25 SALES UP 7.8% LFL DRIVEN BY MAKEUP
Puig reported full-year 2025 revenue of €5.04 billion, up 7.8% like-for-like, with net profit rising 11.9% to €594 million as makeup became the primary growth driver posting a 13.7% annual increase and a 26.5% surge in Q4, led by Charlotte Tilbury’s strong performance in the UK and US. Fragrance and fashion, which still account for 72% of sales, grew 3.8% to €3.65 billion with Puig estimating its global fragrance market share at 11.1%, while Asia-Pacific posted the strongest organic regional growth at 21.7% despite currency headwinds from the dollar and emerging market currencies.
AMOUAGE FY25 SALES SURGE 66% TO $430M
The Omani luxury perfume house achieved its strongest result in 42 years, driven largely by its Exceptional Extraits line featuring high-concentration fragrances above 40% and price points near $550, with the collection alone accounting for over a quarter of total sales. Retail expansion played a critical role with 13 new standalone boutiques opened across the US, Saudi Arabia and China, while travel retail surged 94% and the brand’s ultra-luxe Royal Drops offering at Harrods—priced at $40,000 per litre—continued to draw demand as Amouage has now doubled in size since 2019, maintaining annual growth above 30%.
ROBERTET FY25 SALES UP 7.6% LFL DRIVEN BY LATAM
French fragrance and cosmetics ingredients supplier Robertet posted full-year 2025 revenue of €843.9 million, up 4.5% as reported and 7.6% on an organic basis, with strong performance in raw materials (+12.4%) and Latin America (+32.8%) offsetting currency headwinds from the strong euro. The Grasse-based group confirmed that both margin and EBITDA for 2025 will show growth in value and as a percentage of sales when full results are published on April 9, 2026, citing particular momentum in China, Brazil, Mexico and Indonesia where a new factory has recently begun operations.
L’ORÉAL SEEKS EARLY HANDOVER OF GUCCI BEAUTY LICENCE FROM COTY
L’Oréal CEO Nicolas Hieronimus has expressed interest in acquiring the Gucci beauty licence before its 2028 expiry, confirming that discussions are underway between current licence holder Coty and Gucci-owner Kering. The French beauty giant’s pursuit follows its recent $4.75 billion acquisition of Kering’s beauty division, though the valuable Gucci licence remains with Coty until a potential early buyout can be negotiated.
LVMH EXPLORES SALE OF MAKE UP FOR EVER AMID PORTFOLIO RESTRUCTURING
LVMH is considering selling heritage makeup brand Make Up For Ever, along with potentially divesting skincare label Fresh and its stake in Fenty Beauty, as the luxury conglomerate shifts focus toward high-performing assets like Dior and Guerlain amid cooling cosmetics demand. The 42-year-old brand, which has recorded losses for eight consecutive years and undergone multiple leadership changes, faces a challenging sale environment as weakening global makeup demand and competition from indie brands prompt competitors like Coty and Estée Lauder to also seek divestments in the category.
NATURA SELLS AVON’S RUSSIAN OPERATIONS FOR €26.9M
The Brazilian cosmetics giant has finalized the sale of Avon’s Russia business to Arnest group, marking the last Avon asset outside Latin America still under Natura’s control, as the company enters a “new era” focused on strengthening its leadership in Latin American beauty and personal care markets. The move follows the December 2025 sale of most Avon International operations to Regent LP, with Natura now planning to relaunch the Avon brand in Latin America during the first half of 2026 as part of its strategy to create a simpler, more agile company positioned for growth.
PAT MCGRATH LABS SECURES $10M FINANCING AND RESTRUCTURING DEAL
The makeup brand founded by legendary makeup artist Dame Pat McGrath has received court approval for $10 million in debtor-in-possession financing from GDA Luma, which will acquire a controlling equity interest upon the company’s exit from Chapter 11 bankruptcy, while McGrath remains a significant equity owner and chief creative officer. The restructuring follows the brand’s January Chapter 11 filing to halt an auction initiated by lenders, after the once-unicorn beauty company—which raised $60 million from Eurazeo in 2018 at a reported $1 billion valuation—saw its sales decline to approximately $50 million last year amid operational challenges and executive turnover.
UNILEVER & GOOGLE CLOUD PARTNER TO BOOST DIGITAL TRANSFORMATION
Unilever is partnering with Google Cloud to leverage advanced AI technologies including Vertex AI and Gemini across brands like Dove and Hellmann’s, aiming to create an enterprise-wide AI-first digital backbone that enhances brand discovery, measurement and conversational shopping experiences. The collaboration focuses on three pillars—building agentic commerce intelligence, establishing an integrated cloud data foundation, and accelerating AI adoption—as Unilever seeks to embed intelligence at its core to remain competitive in a rapidly evolving consumer landscape where AI is reshaping how consumers discover and purchase products.
GIVAUDAN INVESTS €60M IN CAMPUS DEDICATED TO NATURAL INGREDIENTS
Swiss fragrance and flavor giant Givaudan is investing more than €60 million to build Campus 52, a new R&D and production hub in Grasse focused exclusively on natural ingredients, as part of its broader House of Naturals strategy to become a global leader in natural perfumery. The facility, which will consolidate the company’s existing Mouans Sartoux and Vallauris sites, is designed around four pillars—agronomy, innovation, operations and perfumers—and aims to provide Givaudan’s perfumers with exceptional natural ingredients through advanced extraction methods and close collaboration between scientists and partners.
SELFRIDGES UNVEILS REFURBISHED FRAGRANCE HALL IN LONDON
The London department store has completed a two-year renovation of its beauty floor with a newly designed fragrance hall featuring nearly 50 established and niche houses, over 30 exclusives, and 75 percent of offerings classified as niche or limited distribution. The revamped space, located at the historic Oxford Street entrance, responds to shifting consumer behavior where younger shoppers build fragrance wardrobes for different occasions and seek discovery through social media, while also offering refill services across 300 options and a recycling program for beauty empties.
LANCÔME WORKS WITH BIOTECH FIRM TIMELINE ON LONGEVITY SKINCARE
Lancôme is collaborating with Swiss longevity biotech company Timeline on a new skincare range featuring Mitopure, a proprietary molecule clinically proven to reenergize mitochondria, marking the brand’s push into proactive, science-led longevity beauty after parent company L’Oréal invested in Timeline in 2024. The partnership, which will be presented at the American Academy of Dermatology in March, combines Lancôme’s skin biology expertise with Timeline’s 15 years of research to create what the brand describes as “high-performing, sensorial, luxury formulas” designed to act on skin’s biological age rather than simply offering traditional anti-aging benefits.
