Estée Lauder Cos. and Puig are in talks to merge their businesses, the two confirmed in separate memos.
In a statement, the Estée Lauder Cos. said: “The Estée Lauder Companies Inc. 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.”
“No final decision has been made and no agreement has been reached. Unless and until an agreement is reached, there can be no assurances regarding the deal or the terms,” added Puig.
Word of the talks sent shares of Lauder down 7.7 percent to $79.28 on Monday, a not unusual move since, if the company brought Puig on board, it would be assuming the risk of integrating the business.
The Lauder portfolio includes Estée Lauder, Clinique, Deciem, Bobbi Brown, Tom Ford and many more. Its net sales totaled $14.7 billion in 2025, down 3 percent on the year.
Puig’s portfolio includes Rabanne, Carolina Herrera, Charlotte Tilbury, Jean Paul Gaultier, Nina Ricci, Dries Van Noten, Byredo, Penhaligon’s, L’Artisan Parfumeur, Uriage, Apivita, Dr. Barbara Sturm, Kama Ayurveda and Loto del Sur as well as the beauty licenses of Christian Louboutin, Banderas and Adolfo Dominguez, among others.
In 2025 Puig recorded net revenues of 5.04 billion euros.
Most recently, the Estée Lauder Cos. entered into an agreement to acquire the remaining 51 percent of Indian ayurvedic beauty brand Forest Essentials.
The transaction, terms of which were not disclosed, is expected to close in the second half of 2026.
The Estée Lauder Cos.’s history with Forest Essentials runs deep, first making a minority investment in 2008 and increasing its stake to 49 percent in 2020, before taking full ownership.
