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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.
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.
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.
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…
Last week in beauty, the blockbuster merger between Estée Lauder and Puig took the spotlight.
The Estée Lauder Companies and Spanish group Puig have confirmed they are in preliminary discussions regarding a potential blockbuster merger.
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.
Beiersdorf’s Consumer Business closed 2025 with organic sales growth of 2.5%, reaching €8.2 billion.
From tariffs refunds to a CEO stepdown, this was last week in beauty.
This week in beauty, strong results from Puig, Amouage, and Robertet underscored the industry’s resilience.