After confirming they had begun discussions for a merger on March 23, Puig and Estée Lauder Companies announced today in separate statements that they did not reach an agreement.

“We appreciate the meaningful conversations that have taken place with The Estée Lauder Companies. Puig has a strong track record of growth and outperforming the premium beauty market. We remain focused on executing our strategy, delivering profitable growth and prioritizing the interests of all our stakeholders,” Puig CEO Jose Manuel Albesa stated.

“We are grateful for the conversations we have had with Puig,” said Stéphane de La Faverie, president and CEO of The Estée Lauder Companies. “Today, we are reiterating our confidence in the power of our incredible brands, our talented teams, and our strength as a standalone company. We are more optimistic than ever about our ability to unlock significant long-term value through Beauty Reimagined [the company’s turnaround strategy], and we remain focused on accelerating that progress.”

The transaction would have established a beauty platform generating approximately €17.5 billion in revenue, strengthening its competitive position relative to L'Oréal, which recorded sales of around €44 billion in 2025.

Analysts had highlighted the strong complementarities between the two companies, particularly across their geographic footprints and product portfolios. They had, however, raised concerns about the timing of the deal as Estee Lauder is currently in the midst of a turnaround. “The Estée Lauder Companies remains fully focused on continuing to execute its Beauty Reimagined strategy, which is well underway and delivering positive results,” today’s ELC release reads.

De la Faverie noted that the company is “investing behind the highest-growth opportunities across [its] portfolio,” but added that it will “continue to evaluate and evolve [its] portfolio to ensure [they] have the right assets to drive the most compelling growth opportunities, including both potential acquisitions and divestitures.”

“We will continue to take a highly selective, value-driven approach to M&A to further complement our portfolio. Today, we reaffirm our confidence in our love brands and our exceptional teams, as well as in our strength as a standalone company for long-term value generation,” said Albesa.