Puig breaks merger talks with Estée Lauder
The Catalan perfumer informs the CNMV that "no agreement has been reached" for the purchase operation it was exploring
BarcelonaPuig has concluded merger talks with Estée Lauder. The Catalan multinational in premium perfumery and fashion communicated this Thursday night to the National Securities Market Commission that they "have not reached an agreement" with the American one to complete the potential merger they had begun to explore in March. Following the breakdown of talks, the firm owning Carolina Herrera, Nina Ricci, and Rabanne "remains focused on executing the strategy and continuing the profitable growth" it has recorded in the last quarter, according to the company in a statement.
In the note provided to the Spanish stock market regulator, the CEO of the listed company, José Manuel Albesa, has championed Puig's "solid growth trajectory," "above the premium beauty market." The top executive assures that they "value the enriching discussions with Estée Lauder," although they opt to "focus on executing the strategy" proposed by management.
After breaking off talks with Estée Lauder, Albesa has championed the "capital structure," which grants the Catalan listed company "a wide range of strategic alternatives" beyond mergers. Among other matters, he points to a "selective" plan of mergers and acquisitions to "continue complementing the portfolio" of products. He thus hints at continuing with operations similar to the one already consolidated with Charlotte Tilbury, which was completed in 2020.
The "strategic roadmap" continues
In the statement provided to the CNMV, Albesa maintains that the breakdown of talks with Estée Lauder "does not modify the strategic roadmap" of the Catalan listed company. Puig argues that it "will continue to build on its strengths in premium beauty" in markets where it already has successful operations. The chief executive defended the "company's differential culture," which, in his view, has allowed it to "meet all commitments since its stock market debut."
It is worth remembering that Puig made its stock market debut in May 2024, with an initial valuation of 24.5 euros per share. A few months later, due to the success among investors it accumulated at the start of its listing, it joined the Ibex-35. It replaced the hotel chain Melià on July 22, 2024. At that time, the share was trading around 26 euros. The growth was cut short in the autumn of the same year, and since then it has fallen to the 17.64 euros per share at which it closed this Thursday's session. It has stabilized at this level and, in fact, since the beginning of 2026 it has appreciated by nearly 19%, from 14.8 euros on January 2.
In the first quarter of 2026, Puig declared sales of 1,215 million euros, a year-on-year increase of 0.8%. The rise has been anchored, it must be said, by the exchange rate: discounting the weakness of the dollar, the Catalan company would have earned 4.7% more than in the same period of 2025. Despite the general gloom in the premium beauty sector, Puig expects its business to remain stable, "in line with the 2025 financial year, despite a more demanding cost environment".
