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Estee Lauder and perfume maker Puig have ended merger talks that would have potentially put brands like MAC, Clinique, Charlotte Tilbury and Jean Paul Gaultier under one roof. Estee Lauder Cos. confirmed the discussions in March but said at the time that no agreement had been reached with the century-old Spanish company. “We are grateful for the conversations we have had with Puig,” Estee Lauder CEO Stéphane de La Faverie said in a prepared statement late Thursday.

When the discussions were disclosed in March, analysts weren’t thrilled about the tie-up’s potential to interrupt Estée Lauder’s turnaround.

Estée Lauder stock rose as much as 11% in premarket trading while Puig stock fell more than 14% in Madrid

The companies had publicly confirmed they were in merger talks in March 2026, though both noted at the time that no agreement had been reached.

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The decision ends months of speculation that the two would merge and create one of the world’s largest beauty companies.

Both companies emphasize confidence in their portfolios and commit to driving long-term growth independently.

e.l.f. Beauty posts fiscal fourth quarter sales growth of 35.1% as Rhode boosts results, while margins face pressure from higher operating costs.

According to the Spanish economic and business publication, Expansión, new contractual demands by Charlotte Tilbury are disrupting merger negotiations between Puig and The Estée Lauder Cos.

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