PARIS — Puig on Tuesday issued a first-quarter 2026 trading statement and in it confirmed no decision has been reached yet in merger talks with the Estée Lauder Cos.
“As of April 28, 2026, no final decision has been made,” Puig said in a statement. “Unless and until an agreement is reached, there can be no assurances regarding the transaction or the terms.”
As previously reported, Puig and the Estée Lauder Cos. confirmed on March 23 that they are in merger talks. If they do come together, the new beauty powerhouse would have just over $20 billion of estimated combined sales, making it the largest premium beauty player worldwide.
In Puig’s first quarter, the Spanish fragrance and fashion company’s net revenue reached 1.22 billion euros, up 0.8 percent in reported terms and 4.7 percent on a like-for-like basis. The gains outstripped that of the premium beauty market in the three-month period ended March 31.
The company’s fragrance and fashion division delivered a 3.9 percent like-for-like sales rise, while the skin care activity posted 4.7 percent like-for-like growth. The makeup segment’s sales, meanwhile, increased 9.2 percent like-for-like.
All regions registered sales upticks.
Charlotte Tilbury makeup.
Courtesy
“Once again, Puig delivered a solid Q1, outperforming the premium beauty market, as we have done over each one of the last five years, including each of the last eight quarters as a public company,” said Jose Manuel Albesa, Puig’s chief executive officer, who was nominated to the role on March 17, in the statement.
“Our performance is particularly notable, given a demanding comparison in our largest segment, fragrance and fashion, and reflects the strength, desirability and resilience of our prestige and niche brands,” he continued. “We also saw a strong contribution from makeup, with Charlotte Tilbury delivering strong growth, and steady delivery in skin care.”
He noted a strong pipeline of innovation this year.
“We remain incredibly excited about the continued outperformance of our niche brands and the potential that lies in Charlotte Tilbury and our skin care brands for the long term,” Albesa said. “The following quarters will see accelerated innovation behind 1 Million and Invictus from Rabanne alongside the launch of a new feminine fragrance from Jean Paul Gaultier.”
The group is positive in its outlook for 2026 and remains confident in its ability to outperform the market.
