Revision History

Estée Lauder has confirmed it is in merger discussions with Spain's Puig Brands, a deal that would create a combined cosmetics entity valued at over $40 billion with roughly $20 billion in annual sales. The potential transaction—structured as a cash-and-stock combination—comes as Estée Lauder attempts a turnaround after losing more than $100 billion in market value since 2022, and as Puig's stock has fallen sharply since its May 2024 IPO, raising questions about whether this is a strategic masterstroke or a marriage of two struggling companies.