Puig has given an update on its potential merger with US beauty giant Estée Lauder Companies (ELC).
The Spanish beauty company’s CEO, Jose Manuel Albesa, gave the update on 28 April during an earnings call to discuss Puig’s Q1 2026 financial results.
Commenting on the potential merger with ELC, Albesa confirmed the conversations are "ongoing" but no agreement has been reached.
He said during the call: “I really understand there is a lot of curiosity about the progress of these discussions.
“However, unless an agreement is reached, there can be no assurance regarding the transaction or the terms.
“Therefore, at this stage, I cannot comment further on this evolving situation.
“As of today, the only thing I can confirm is that conversations are ongoing, but no final decision has been made yet and no agreement has been reached.”
Last week, rumours swirled that ELC had allegedly commissioned J.P. Morgan to structure a financing package of around €5bn to fund the deal.
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ELC first revealed it was in “discussions” with Puig around a potential merger on 23 March, which could see the American conglomerate merge its business with the Spanish beauty giant.
The deal between the two companies is rumoured to be worth a combined value of around US$40bn, according to reports.
The founding families of ELC and Puig also allegedly met up in New York, US, earlier this month to discuss the terms of such a combination.
ELC’s 25-strong beauty portfolio spans trusted heritage beauty brands, as well as some younger, more agile players.
These range from its eponymous line Estée Lauder and make-up giant MAC Cosmetics, to Clinique, La Mer, Jo Malone London and Deciem.
Puig, meanwhile, has 17 digitally native, luxury and challenger brands in its portfolio.
These range from cosmetics giant Charlotte Tilbury, to fragrance players Byredo, Carolina Herrera, Rabanne and Jean Paul Gaultier.
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