Key takeaways
- Estée Lauder Companies Inc and Puig are in discussions over a potential merger that could create a group worth nearly $19.7bn in revenue.
- No agreement has been finalised.
- A deal could revitalise Estée Lauder following its 2025 restructuring and strengthen Puig as it transitions to new leadership.
- The talks align with wider consolidation trends across the beauty and personal care sector.
Estée Lauder Companies Inc and Puig have confirmed they are in discussions to merge their businesses. If the deal is completed, the combined group is estimated to generate approximately $19.7bn in revenue.
The deal has not yet been confirmed, and a statement from Estée Lauder Companies released on 23 March read: “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.”
Why Estée Lauder and Puig are exploring a merger
If it goes ahead, the deal could revitalise Estée Lauder Companies, which restructured in 2025 yet continues to own many successful brands including Clinique, Jo Malone London, Estée Lauder, By Kilian, La Mer and Tom Ford.
Meanwhile, the Spanish beauty and fashion company Puig has seen significant success in recent years due to the boom in luxury fragrance. It owns brands such as makeup brand Charlotte Tilbury and fragrance brands including Byredo, Rabanne, Carolina Herrera, Jean Paul Gaultier, Dries Van Noten, Nina Ricci and Penhaligon’s.
How leadership changes at Puig may influence the deal
Puig has also recently changed leadership, appointing Jose Manuel Albesa as Chief Executive Officer. Its CEO up until now, Marc Puig, has stepped back from the role but will continue as Executive Chairman of Puig. The firm also said that Marc Puig will work closely with Jose Manuel Albesa “to align the strategic vision, while focusing on M&A strategy.”
Changing beauty business landscape
The move comes as more beauty and personal care companies collaborate or merge in a bid to build stronger, more future‑proof business models. In October 2025, L’Oréal Group acquired Kering Beauté, the cosmetics arm of the luxury French fashion business Kering. The €4 billion deal included long-term licences for Gucci, Balenciaga and Bottega Veneta. L’Oréal said it also planned a new joint venture that will explore luxury wellness and longevity.