Estée Lauder Companies in ‘discussions’ around potential merger with Puig

By Lollie Hancock | Published: 23-Mar-2026
Fragrance Skin Care Finance

The American beauty conglomerate has confirmed talks around a potential merger with Spanish beauty giant and Charlotte Tilbury owner Puig, although 'no final decision has been made'

Estée Lauder Companies (ELC) has confirmed it is in “discussions” with Puig around a potential merger.

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.

ELC released a statement on 23 March which said: “The Estée Lauder Companies confirms that it is in discussions regarding a potential business combination with Puig, in which the two companies would potentially merge their businesses.

“No final decision has been made, and no agreement has been reached. 

“Unless and until an agreement is signed between the companies, there can be no assurances regarding the deal or its terms.”

The deal between MAC Cosmetics-owner ELC and Puig would be a combined value of around US$40bn, accordng to reports.

ELC shares have reportedly fallen roughly 8 % on the news, according to data from uk.investing.com.

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

ELC is in its second year of its ‘Beauty Reimagined’ transformation plan, which aims to boost flagging sales and deliver growth.

This has included cost-cutting measures and significant job losses.

The US giant, which owns Jo Malone London, recently filed a claim for trademark infringement, passing off, and breach of contract against perfumer Jo Malone, Jo Loves, and Zara UK with the UK High Court.

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

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