Core Insights - The weakening of the U.S. dollar against the euro negatively impacted Safilo Group's revenues in the past year [1] - Preliminary sales declined by 1 percent to 983.4 million euros, but increased by 1.8 percent at constant exchange rates [1] Sales Performance - In Q4, sales decreased by 4.6 percent to 225 million euros, with a slight increase of 0.4 percent at constant exchange rates [2] - North American sales fell by 7 percent, but grew by 1.5 percent at constant exchange, driven by wholesale performance [3] - European sales edged down by 0.1 percent, influenced by lower volumes from a product supply agreement and the deconsolidation of the Lenti business [4] - Asia-Pacific sales saw a significant decline of 17.4 percent, translating to an 11.5 percent drop in constant currencies [5] Growth Drivers - The leadership of Smith's sports products in the U.S. and the strengthening of the contemporary and lifestyle portfolio were key growth drivers [3] - Brands such as Carrera, David Beckham, Tommy Hilfiger, Marc Jacobs, Boss, Kate Spade, and Carolina Herrera contributed significantly to growth across key markets [3] Margin and Cash Generation - The company reported continued improvement in margins and strong cash generation, attributed to mitigation actions against tariff pressures and favorable price/mix dynamics [6]

Core Insights - Puig has appointed Jose Manuel Albesa as deputy chief executive officer, a newly created role overseeing all divisions, while he continues as president of beauty and fashion [1][2] - The appointment aims to reinforce the company's leadership structure in response to its significant growth and increasing complexity over the past two decades [3] Financial Performance - Puig reported a net profit of 275 million euros for the first half of the year, a 78.8 percent increase compared to the previous year, which was affected by extraordinary costs [3][4] - Adjusted net profit reached 247.3 million euros, reflecting a 3.9 percent increase, while sales for the same period totaled 2.3 billion euros, marking a 5.9 percent increase on a reported basis and a 7.6 percent rise in like-for-like terms [4] - The company anticipates net revenue growth in the range of 6 percent to 8 percent for 2025, although growth in the fragrance segment is expected to moderate in the second half of the year [5] Market Outlook - Puig's confidence in outperforming the premium beauty market is based on the strength and desirability of its brands [5] - The overall category growth for fragrances during the first half of the year is estimated to be in the mid-single-digit percentage range [6]