Trending Now - Estée Lauder and Puig Abandon Merger Negotiations

WHO:

Bloomberg - Charlotte Tilbury, makeup artist and founder of the makeup brand owned by Puig.

WWD - Estée Lauder Cos. Inc., Puig, Stéphane de La Faverie (CEO of Estée Lauder), Jose Manuel Albesa (CEO of Puig).

WHAT:

Bloomberg - The merger discussions were terminated due to Charlotte Tilbury’s demands regarding her compensation.

WWD - The deal was complicated further after the merger talks leaked to the Spanish press.

WWD - If Tilbury were to trigger a full-blown sale of her stake, it would force Puig to pay “several hundred million euros that Estée Lauder would not be willing to assume.”

WWD - Puig's stock price fell on the day of the merger collapse, while Estée Lauder's stock price jumped more than 10 percent in after-hours trading.

Bloomberg - The merger discussions between Puig and Estée Lauder were terminated late Thursday.

WWD - Puig's stock price ended the day down 0.23 percent at 17.64 euros following the collapse of the merger talks.

WWD - Estée Lauder's stock price jumped more than 10 percent in after-hours trading after the confirmation that the talks had ended, having closed up 0.9 percent to $78.91.

Bloomberg - The proposed multibillion-dollar merger between Puig and Estée Lauder has collapsed.

WWD - The merger discussions were terminated despite being close to finalization.

WWD - Puig acquired Charlotte Tilbury's business in 2020 for an estimated price of 1.2 billion pounds.

WWD - Puig owns 78.5 percent of the Charlotte Tilbury brand, while Tilbury holds 21.5 percent.

WWD - Puig is set to buy Tilbury’s stake and reach 100 percent ownership between now and 2031.

WWD - Puig acquired an additional 5.4 percent of Tilbury’s business for 215 million euros, valuing the business at 4 billion euros.

WWD - If Tilbury triggers the sale of her 21.5 percent stake, Puig would have to pay “several hundred million euros.”

WHERE:

WWD - The merger discussions were confirmed publicly in Spain.

WHEN:

WWD - The merger talks were publicly confirmed on March 23.

WWD - The contract allows Tilbury to potentially exit the company she founded before the pre-determined date of 2031.

WHY:

WWD - Sources believe the end of the merger talks will make it harder for Puig to find a new partner.

WWD - Sources believe that the end of the merger talks will make it harder for Puig to find a new partner.

Bloomberg - The collapse of the merger was attributed to demands from Charlotte Tilbury regarding her compensation.

WWD - The negotiations became more complicated after the merger talks leaked to the Spanish press.

HOW:

WWD - The contract negotiations were first reported by the Spanish economic and business publication Expansión earlier this week.

WWD - Charlotte Tilbury hired Rothschild as an adviser and began renegotiating her contract with Puig.

WWD - The contract includes an earn-out based on business performance, which Tilbury is not entitled to this year due to current performance.

(UPDATED May 23, 2026 01:33 UTC)

Merger discussions between Puig and Charlotte Tilbury have come to an end, primarily due to Tilbury's demands regarding her compensation, which complicated matters further after the talks leaked to the Spanish press. Following the collapse of the merger, Puig's stock price took a hit, while Estée Lauder saw a significant jump of more than 10 percent in after-hours trading. Sources indicate that this development may make it more challenging for Puig to secure a new partner in the future.

(UPDATED May 22, 2026 19:29 UTC)

Merger discussions between Puig and Estée Lauder have been terminated, leading to a decline in Puig's stock price, which ended the day down 0.23 percent at 17.64 euros. In contrast, Estée Lauder's stock saw a significant boost, jumping more than 10 percent in after-hours trading after the news, closing up 0.9 percent at $78.91. Sources suggest that this collapse in talks may complicate Puig's efforts to secure a new partner moving forward.

(UPDATED May 22, 2026 17:38 UTC)

The proposed multibillion-dollar merger between Puig and Estée Lauder has collapsed, with discussions terminated despite being close to finalization. The breakdown was largely attributed to demands from Charlotte Tilbury regarding her compensation, which became more complicated after the talks leaked to the Spanish press. Tilbury, who founded her makeup brand and currently holds a 21.5 percent stake, is set to negotiate her contract further, as Puig aims to acquire full ownership by 2031.