Estée Lauder is in early discussions with Puig over a potential merger that could create a combined beauty group valued at around USD 40 billion. Both companies have confirmed that talks are ongoing, with no final agreement signed so far. The structure and terms of the possible deal remain undecided.
Estée Lauder, known for brands such as Clinique, Bobbi Brown, and Tom Ford, operates across skincare, makeup, and fragrance. Puig, the Spain-based company behind Rabanne, Jean Paul Gaultier, and Carolina Herrera, has a strong global fragrance business and reported revenue of over EUR 5 billion in 2025. The talks come as Estée Lauder works to stabilise slower sales and recent cost-cutting efforts, while Puig could gain stronger scale in skincare and makeup.