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Global cosmetics firm in talks with owner of Rabanne and Gaultier brands.

Estée Lauder is in merger discussions with Puig, a Spanish family-owned beauty and fragrance business.

The American cosmetics giant established in New York in 1946, owns well-known brands such as Clinique, Bobbi Brown and Tom Ford. Puig’s portfolio includes Rabanne, Jean Paul Gaultier, Carolina Herrera and Dries Van Noten.

Combined, Puig and Estee Lauder could be valued at $40bn, creating one of the largest beauty conglomerates. Puig generated revenues exceeding five billion euros in 2025 from operations in 150 countries worldwide.

Despite being the second-largest cosmetics company behind L'Oréal, Estée Lauder has recently faced challenging trading conditions, leading to redundancies and restructuring.

This potential merger reflects a trend in the global beauty sector: e.l.f. Beauty recently acquired Rhode Skincare and L'Oréal purchased Kering's beauty division.