Story perspectives

Estée Lauder, Puig Call Off Merger, Stocks Split

5/22/2026

Summary

Story summary

Estée Lauder Companies and Spain’s Puig announced they have terminated their merger discussions, leaving both firms operating independently.
Estée Lauder’s shares rose about 13% and Puig’s fell roughly 14% after the split.
CEO Stéphane de La Faverie outlined a “Beauty Reimagined” turnaround with premium launches, cost cuts and job cuts, while CEO Jose Manuel Albesa said Puig will stick to its strategy, keep flexibility for acquisitions and has postponed its Capital Markets Day.

History

Historical Context

Coty’s rapid expansion—its 2013 IPO raising about $1 billion and the 2015-16 purchase of 41 P&G beauty brands—made it a coveted target for larger groups. L’Oréal’s $12.5 billion bid in 2015 and the later 2024 Estée Lauder-Puig talks both reflected this consolidation trend, while Coty’s 2024 JAB Holding majority stake kept the company independent.

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Story summary

Estée Lauder Companies and Spain’s Puig announced they have terminated their merger discussions, leaving both firms operating independently.
Estée Lauder’s shares rose about 13% and Puig’s fell roughly 14% after the split.
CEO Stéphane de La Faverie outlined a “Beauty Reimagined” turnaround with premium launches, cost cuts and job cuts, while CEO Jose Manuel Albesa said Puig will stick to its strategy, keep flexibility for acquisitions and has postponed its Capital Markets Day.

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