Estée Lauder and Puig in €35bn merger talks to combine major beauty brands

2, 2011, file photo, Estee Lauder products are displayed at a department store in S
Published on
24/03/2026 - 16:17 GMT+1
Estée Lauder has confirmed merger talks with Spain’s Puig as it looks to strengthen its position in fragrances and reverse a prolonged sales decline.

Estée Lauder and the perfume maker Puig are in merger talks that would potentially put brands such as MAC, Clinique, Charlotte Tilbury and Jean Paul Gaultier under one roof.

Estée Lauder confirmed the discussions but said that no agreement has been reached with the century-old Spanish company.

The American cosmetics multinational has been attempting to stem a slide in sales, with revenue falling in each of the past three years
In 2025, they said they would cut as many as 7,000 jobs by the 2026 fiscal year, more than 11% of its workforce
CEO Stéphane de La Faverie said at the time that the company was transforming its operating model to be “leaner, faster and more agile”.

“Estee Lauder has lost its footing in recent years and needs to do something radical to get back on top," said Dan Coatsworth, head of markets at AJ Bell
"A takeover of Puig is an interesting proposition, but history suggests that bolting two companies together is not a guaranteed recipe for success," he continued.

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Puig oversees make-up, skincare and fragrance brands such as Nina Ricci, Jean Paul Gaultier and Dr Barbara Sturm
The company went public on the Madrid Stock Exchange in early 2024
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