After confirming they had begun discussions for a merger on March 23<\/a>, Puig and Est\u00e9e Lauder Companies announced today in separate statements that they did not reach an agreement.<\/p>\n \u201cWe appreciate the meaningful conversations that have taken place with The Est\u00e9e 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,\u201d Puig CEO Jose Manuel Albesa<\/a> stated.<\/p>\n \u201cWe are grateful for the conversations we have had with Puig,\u201d said St\u00e9phane de La Faverie, president and CEO of The Est\u00e9e Lauder Companies. \u201cToday, 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\u2019s turnaround strategy], and we remain focused on accelerating that progress.\u201d<\/p>\n The transaction would have established a beauty platform generating approximately \u20ac17.5 billion in revenue, strengthening its competitive position relative to L’Or\u00e9al, which recorded sales of around \u20ac44 billion in 2025.<\/p>\n Tom Ford FW26.<\/p>\n <\/span>Photo: Filippo Fior \/ Gorunway.com<\/span><\/div>\n<\/figure>\n 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. \u201cThe Est\u00e9e Lauder Companies remains fully focused on continuing to execute its Beauty Reimagined strategy, which is well underway and delivering positive results,\u201d today\u2019s ELC release reads.<\/p>\n De la Faverie noted that the company is \u201cinvesting behind the highest-growth opportunities across [its] portfolio,\u201d but added that it will \u201ccontinue 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.\u201d<\/p>\n \u201cWe 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,\u201d said Albesa.<\/p>\n<\/div>\n![\"Image](\"https:\/\/assets.vogue.com\/photos\/6a0f76d7074c03b83af88979\/master\/w_1600%2Cc_limit\/00012-tom-ford-fall-2026-ready-to-wear-credit-gorunway.jpg\"\/)
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