Estée Lauder and Puig Discuss Potential $40 Billion Merger

Estée Lauder is in merger discussions with Puig, a Spanish company, potentially creating a beauty giant valued at $40 billion. Currently, Estée Lauder is the second-largest cosmetics company globally, behind L'Oréal. Puig reported over €5 billion in revenue for 2025. Estée Lauder confirmed that no agreement has been finalized as of now, stating there is no assurance regarding the deal or its terms. After the announcement, Estée Lauder's shares closed nearly 8% lower.