Puig reclaims itself after breaking with Estée Lauder: "We are not for sale"

BarcelonaPuig seeks to leave behind the non-merger with the American Estée Lauder. Just a few days after announcing the breakdown of business combination talks with the American family company, the Catalan multinational of premium beauty has asserted itself before its shareholders. In his address at the general shareholders' meeting, held virtually this Friday, CEO Marc Puig highlighted the company's performance and the founding family's continued involvement. "We are not for sale," he stated, before assuring that the majority shareholders' intention is to "stay for the long term." The scenario, he argued, would have been "the same" had the transatlantic merger operation been completed. "We have a history of over 110 years to back us up," the executive added.

Before the shareholders, the CEO recalled the two proposals for corporate collaboration and business integration that have been negotiated in recent months: that of Kering, a licensing agreement that would have given the French company part of the Catalan company's capital, and that of Estée Lauder, cancelled last week. According to Puig, an operation of this nature should "value three key aspects: governance, business leadership, and technical considerations that recognize the company's value." Given these considerations – and "since we are not for sale," he reiterated – the agreement was not possible. Although he did not offer the specific reasons for the breakdown of talks, the founder's grandson celebrated both proposals as proof of the "recognition Puig has achieved in the sector"; a respect from competitors "far above what would correspond to its size."

New strategic plan

With the non-merger now in the rearview mirror, and with a clear intention to leave failed conversations behind, Puig has amended one of the market's criticisms: following Estée Lauder's offer, the Catalan multinational put its capital markets day on hold, and with it, the publication of the new strategic plan. The last roadmap, it should be remembered, ended in 2025, and investors and analysts were demanding new future guidance.

In this regard, the brand-new CEO of the company, José Manuel Albesa, has announced that the meeting with the markets will be held on October 28 in Madrid. At the event, Puig will unveil a map for the coming years based on "scaling what already works." According to the chief executive, the next few years will serve to "consolidate brands, strengthen niche targeting, and continue revolutionizing prestige perfumery."prestige". They will do so on the back of growth they value as "solid," after closing 2025 with a stable exchange rate increase in revenue close to 8%, exceeding 5,000 million euros for the first time.

Approval of the proposals

After the defense of the company's two performance executives, the shareholders, concentrated mostly in the founding family, have approved all the proposals that the board of directors had put on the table. The investors' representatives have given their favorable vote to the year's accounts and the management of the board. They have also accepted the new dividend of 237 million euros, a payout in line with the objectives of distributing 40% of the profit that the perfumery multinational imposes on itself.

Finally, the investors have approved the reformulation of the board of directors. The most relevant move has been the departure of the president of Banc Sabadell, Josep Oliu, who has brought forward his withdrawal from the body that was planned for the end of 2026. Despite this, he maintains his position at Exea, the business and patrimonial holding company of the Puig family. They have also given the go-ahead to the departure of Patrick Chalhoub, president of the luxury group Chalhoub, and to the arrivals of Julie Van Ongevalle and the CEO himself.