Talks aimed at a [possible merger between The Estée Lauder Companies and Puig have ended without an agreement, the companies said on Thursday, May 21.
On March 23, 2026, the two groups confirmed they were engaged in discussions over a potential merger that could have resulted in the global leader in luxury beauty, the third across all segments.
The leaders of both companies said they valued the discussions and remain focused on their respective companies’ growth trajectories.
“Today, we are reiterating our confidence in the power of our incredible brands, our talented teams, and our strength as a standalone company,” said Stéphane de La Faverie, President and Chief Executive Officer of The Estée Lauder Companies.
José Manuel Albesa, CEO of Puig, emphasized that the Barcelona-headquartered group “has a strong growth trajectory, outperforming the premium beauty market.”
Mr. Albesa also said it "remains fully focused on executing its strategy and delivering profitable growth across its portfolio of brands", adding that it ", brand building and long-term value generation".
Founded in Catalonia in 1914, Puig owns brands including Paco Rabanne and Jean Paul Gaultier. The company reported adjusted net profit of nearly EUR 600 million in 2025 on revenue exceeding EUR 5.0 billion euros.
Estee Lauder, whose brands include La Mer, Clinique, MAC Cosmetics and Bobbi Brown, reported revenue of USD 4.23 billion for the October-to-December quarter, with net profit of USD 162 million.
The US group has shown signs of recovery after several difficult quarters.
Lasy year it announced a restructuring plan expected to cost $1.2 billion to $1.6 billion before tax, including plans to cut up to 7,000 jobs by the end of 2026.
