Estée Lauder in talks to merge with Puig in potential $40bn deal
Mar 24th 2026 · Spain
US cosmetics firm Estée Lauder and Barcelona-based Puig are in discussions about a potential merger that could form a roughly $40bn fashion and beauty group, with no final decision or terms announced.
- Estée Lauder and Puig confirmed talks about a possible business combination but said no agreement has been reached.
- The proposed tie-up could create an around $40bn fashion and beauty group combining mass and designer portfolios.
- Estée Lauder owns brands including Clinique, Bobbi Brown and Tom Ford Beauty while Puig owns Jean Paul Gaultier, Charlotte Tilbury and Carolina Herrera.
- Puig shares jumped about 14% on the news while Estée Lauder shares fell nearly 8% amid investor concern.
- Analysts say the merger could add scale but would increase complexity and execution risk during Estée Lauder's ongoing turnaround, and Puig remains majority family controlled after its Madrid listing.
Articles
- Estée Lauder nears deal to combine with Jean Paul Gaultier owner Puig www.ft.com
- Cosmetics giant Estée Lauder in merger talks with owner of Jean Paul Gaultier and Rabanne www.bbc.com
- Estée Lauder in talks on merger with Jean Paul Gaultier owner Puig www.theguardian.com
- Estée Lauder and Puig in €35bn merger talks to combine major beauty brands www.euronews.com
- Bloomberg Intelligence: Estée Lauder and Puig in Talks (Podcast) www.bloomberg.com