Estée Lauder is quietly exploring a major move—one that could reshape the beauty industry. The US-based cosmetics giant is in talks to merge with Puig, the Spanish company behind powerhouse fragrance names like Rabanne and Jean Paul Gaultier. If it goes through, the deal could create a beauty group worth around $40bn, though Estée Lauder says nothing is final yet.
Founded in New York in 1946 by Estée Lauder and her husband Joseph, the company began with just four products and grew into one of the world’s biggest names in skincare, makeup, and fragrance. Today, it owns brands like Clinique, Bobbi Brown, and Tom Ford—but recent struggles, including job cuts and slowing sales, have pushed it to rethink its next chapter.
On the other side is Puig, a Barcelona-based, family-controlled business that’s been around since 1914. It has built a strong global presence, selling in over 150 countries and generating more than €5bn in revenue in 2025. Alongside its fragrance heavyweights, it also owns fashion label Dries Van Noten and the Carolina Herrera brand.
This potential merger comes at a time when the beauty industry is shifting fast, with big deals becoming more common. From Hailey Bieber’s Rhode being snapped up by E.l.f. Beauty to Kering selling its beauty arm to L’Oréal, the space is clearly in consolidation mode—and this possible tie-up could be one of the biggest yet.
