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Category: Puig
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Listed beauty groups averaged 4.2% weighted like-for-like growth in Q1 26, but this masks a real divide. Half the peer group grew meaningfully while the other half was flat or in decline. I reckon that the differences partially come down to three variables: category mix, China exposure, and proximity to the Middle East conflict.
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This week in beauty, we won’t see a mega Puig x Estée Lauder deal happening while Nykaa continues its impressive growth trajectory.
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The Estée Lauder x Puig merger makes a lot of sense from a strategic point of view creating a fragrance powerhouse and creating a more geographically balanced group. Yet there are six risk that could kill this deal or kill the value after it closes.
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Estée Lauder is planning to make an offer on Puig at 18 to 19 euros per share which would be a premium of 3% to 9% at their current price of 17.4 euros. I believe there are five strategic reasons that make this deal rational.
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Puig reported first-quarter 2026 net revenue of €1,215 million, up 4.7% on a like-for-like basis and 0.8% reported, continuing to outpace the premium beauty market. Currency headwinds, particularly the US dollar, weighed on reported figures with a negative 4.0% impact.
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Puig was recently in the headlines as it is discussing a merger with Estée Lauder. The group has been one of the fastest rising group over the last decade. Between 2015 and 2025, Puig delivered roughly 12.7% annual growth, notably through selective acquisition. The group focused on brands with pricing power and distinct identities, rather…
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Last week in beauty, the blockbuster merger between Estée Lauder and Puig took the spotlight.
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The Estée Lauder Companies and Spanish group Puig have confirmed they are in preliminary discussions regarding a potential blockbuster merger.
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Galderma reported record full-year 2025 results, with net sales reaching $5.2bn, a 17.7% increase at constant currency. Growth was predominantly volume-driven, with a favorable product mix offsetting competitive pricing pressures. The company delivered double-digit expansion in both International markets and the US, while all three product categories outperformed their respective markets.
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Beiersdorf’s Consumer Business closed 2025 with organic sales growth of 2.5%, reaching €8.2 billion.