Beauty industry giant Estee Lauder has called off acquisition discussions with Spanish fragrance company Puig, ending negotiations that could have brought together major cosmetic brands including MAC, Clinique, Charlotte Tilbury and Jean Paul Gaultier.
The New York-based cosmetics company had acknowledged the discussions in March, though officials stated at that point no deal had been finalized with the Spanish firm that has operated for over a century.
“We are grateful for the conversations we have had with Puig,” Estee Lauder CEO Stéphane de La Faverie said in a prepared statement late Thursday. “Today, we are reiterating our confidence in the power of our incredible brands, our talented teams, and our strength as a standalone company.”
In February 2025, the cosmetics company announced potential workforce reductions affecting up to 7,000 positions through fiscal 2026, representing more than 11% of its total employees. De La Faverie had described the changes as part of efforts to make Estee Lauder “leaner, faster, and more agile” in its operations.
The Spanish company Puig manages various makeup, skincare and fragrance labels including Nina Ricci, Jean Paul Gaultier and Dr. Barbara Sturm. Puig became a publicly traded company on Madrid’s stock exchange in early 2024.
Following news of the terminated merger talks, Estee Lauder’s stock price surged more than 12% during Friday morning trading.
