On March 23, 2026, The Estée Lauder Companies (ELC) and Puig confirmed they were in discussions regarding a potential business merger. However, neither company has signed an agreement.

Despite ELC’s search for financing, the Estée Lauder Companies and Puig today announced that the parties have terminated discussions regarding a potential business combination.

Stéphane de La Faverie, President and Chief Executive Officer of The Estée Lauder Companies, said,

“We are grateful for the conversations we have had with Puig. Today, 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, and we remain focused on accelerating that progress.”

ELC remains fully focused on continuing its Beauty Reimagined strategy, which is well underway and delivering positive results.

de La Faverie added,

“The momentum we are seeing across our business reinforces the strength of the path ahead. Through Beauty Reimagined and the implementation of our ‘One ELC’ operating model, we are building a faster, more agile, consumer-focused organization — one that is accelerating innovation, strengthening execution, scaling winning ideas globally, and investing behind the highest-growth opportunities across our portfolio.”

Unless and until an agreement is signed between the companies, there could be no assurances regarding the deal or its terms.