Estée Lauder Companies and Puig founding families rumoured to meet ahead of potential merger

By Alessandro Carrara | Published: 8-Apr-2026
Finance

The two beauty giants’ founding families are allegedly set to meet to discuss the terms of a potential merger, which, if completed, would value the combined ELC and Puig business at around US $40billion

The founding families of Estée Lauder Companies (ELC) and Puig are allegedly set to meet to discuss the potential US$40bn merger between the two companies.

The meeting between the families to discuss the terms of the business combination is rumoured to be taking place in New York, US, this week, according to a source who spoke exclusively with Reuters.

The source, who requested anonymity, stated that ELC and Puig are allegedly seeking to reach an agreement on the potential deal within the next few weeks, according to the report. 

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ELC originally confirmed it was in “discussions” with Puig around a potential merger of the two companies back in March.

The transaction would see the American conglomerate merge its business with the Spanish beauty giant, which owns beauty brands Byredo, Charlotte Tilbury and Jean Paul Gaultier.

The deal between MAC Cosmetics-owner ELC and Puig would be valued at around US$40bn, according to reports.

The potential merger news has rocked the industry, with many weighing up the pros and cons of such a deal, as well as asking whether we are entering a new era of beauty mega-corporations? 

The merger move could be part of the ELC’s larger strategy plans to drive significant transformation within the business.

ELC has entered into the second year of its ‘Beauty Reimagined’ transformation plan, which aims to boost flagging sales and improve growth.

However, this has included cost-cutting measures and significant job losses.

Puig recently named Jose Manuel Albesa as CEO to lead its “next chapter”.

Cosmetics Business has contacted ELC and Puig for a comment.

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