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Estée Lauder has confirmed reports that it's considering a merger with Spanish beauty group Puig, the company said in a press release Monday.

Why it matters: A deal would create a $40 billion-plus beauty behemoth. 

By the numbers: Puig, the home of designer brands like Jean Paul Gaultier and Dries Van Noten, has a market value of about $10 billion.

Estee's shares were down more than 7% at Monday's close on the news of the potential deal, giving it a market cap of about $37 billion.

Zoom in: A deal would combine two broad portfolios spanning cosmetics, fragrances, fashion and skin care.  

What they're saying: "No final decision has been made, and no agreement has been reached," Estée Lauder wrote in the press release.

Catch up quick: Estée has been trying to trim its skin care portfolio in recent months. 

In November, Axios reported that the company was weighing a sale of the K-beauty brand Dr. Jart+, alongside Too Faced and SmashBox.

Estée Lauder confirms deal talks with Spanish beauty group Puig

A merger would create a $40 billion-plus beauty behemoth.

Illustration of a lipstick careening through the sky like a rocket ship 

Estée Lauder has confirmed <a class="gtmContentClick" data-vars-link-text="reports" data-vars-click-url="https://www.ft.com/content/644a7f5c-ec48-49b8-bcb7-8ede2051ffcc?syn-25a6b1a6=1" data-vars-content-id="2876a533-c8b8-43a8-80db-83740be84fb4" data-vars-headline="Estée Lauder confirms deal talks with Spanish beauty group Puig" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.ft.com/content/644a7f5c-ec48-49b8-bcb7-8ede2051ffcc?syn-25a6b1a6=1" target="_blank">reports</a> that it&#x27;s considering a merger with Spanish beauty group Puig, the company <a class="gtmContentClick" data-vars-link-text="said" data-vars-click-url="https://www.elcompanies.com/en/news-and-media/newsroom/press-releases/2026/03-23-2026-201518909" data-vars-content-id="2876a533-c8b8-43a8-80db-83740be84fb4" data-vars-headline="Estée Lauder confirms deal talks with Spanish beauty group Puig" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.elcompanies.com/en/news-and-media/newsroom/press-releases/2026/03-23-2026-201518909" target="_blank">said</a> in a press release Monday.Why it matters: A deal would create a $40 billion-plus beauty behemoth.

Estée Lauder confirms deal talks with Spanish beauty group Puig

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