Talks aimed at a possible merger between The Estée Lauder Companies and Puig have ended without an agreement, the companies said on Thursday, May 21.
On March 23, 2026, the two groups confirmed they were engaged in discussions over a potential merger that could have resulted in the global leader in luxury beauty, the third across all segments.
The leaders of both companies said they valued the discussions and remain focused on their respective companies’ growth trajectories.
“Today, we are reiterating our confidence in the power of our incredible brands, our talented teams, and our strength as a standalone company,” said Stéphane de La Faverie, President and Chief Executive Officer of The Estée Lauder Companies.
José Manuel Albesa, CEO of Puig, emphasized that the Barcelona-headquartered group “has a strong growth trajectory, outperforming the premium beauty market.”
