The Estée Lauder Companies and Puig terminated discussions for a $40 billion merger. This deal would have created a global prestige beauty powerhouse.
Negotiations began in March 2026 before collapsing over Charlotte Tilbury brand demands. Leadership determined these specific requirements were financially unfeasible.
Estée Lauder shares surged over 10% in extended trading after the news. Investors welcomed the shift toward independent growth and profitability.
CEO Stéphane de La Faverie will now focus on the Beauty Reimagined turnaround strategy. Recent positive quarterly earnings supported the decision to remain a standalone entity.