How leaks, demands and a phone call derailed Estée Lauder’s deal to create a $40B luxe giant
Estée Lauder's proposed merger with Puig to create a $40 billion luxury beauty giant has collapsed due to leaks and disagreements. Key issues included demands from Charlotte Tilbury regarding her minority stake and investor concerns about the deal's benefits. The failed negotiations followed months of discussions and were marked by significant fluctuations in stock prices for both companies.
- ▪Estée Lauder and Puig were finalizing a merger that would have created a $40 billion luxury beauty giant.
- ▪The talks fell apart due to disagreements between the controlling families and demands from Charlotte Tilbury.
- ▪Estée Lauder's stock rose by around 10% after the talks collapsed, while Puig's shares fell by 13%.
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Business How leaks, demands and a phone call derailed Estée Lauder’s deal to create a $40B luxe giant By Reuters Published May 22, 2026, 7:41 p.m. ET See more of our coverage in your search results. Add The New York Post on Google US cosmetics maker Estée Lauder and Spanish perfume group Puig had been finalizing the details of a deal when talks fell apart late on Thursday, preventing a merger that would have created a $40 billion luxury beauty giant. The merged company would have put together brands such as Tom Ford, Clinique and MAC with Carolina Herrera and Charlotte Tilbury, popular with TikTok influencers and affluent millennials.
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