Estée Lauder receives final bids for Too Faced, Smashbox and Dr. Jart+

The Estée Lauder Companies has reportedly received final bids for its brands Too Faced, Smashbox and Dr. Jart+, with the sale process expected to conclude within the coming weeks.

The brands were initially marketed as a combined package. However, the strategy later shifted, with Too Faced and Smashbox being offered together, while Dr. Jart+ was marketed separately.

According to sources cited by WWD, at least one interested party has explored acquiring all three brands, while several bidders have focused specifically on the makeup brands. Other potential buyers are said to be evaluating Dr. Jart+ independently.

The Estée Lauder Companies declined to comment on the reported sale process.

The potential divestments follow comments made last year by CEO Stéphane de La Faverie, who said the company was reviewing its portfolio as part of a broader strategy aimed at improving performance and streamlining operations.

Reports of a possible sale involving Too Faced, Smashbox and Dr. Jart+ first emerged earlier this year. Industry analysts suggested that divesting the brands could help the company focus resources on core strategic priorities while improving operational flexibility.

The latest developments also come after Estée Lauder confirmed it has entered exploratory discussions with Puig regarding a potential business combination.

If completed, such a transaction would mark a significant consolidation within the global beauty sector, combining two companies with extensive international brand portfolios. Previous reports have speculated that a merged entity could be valued at approximately $40 billion, although no valuation has been confirmed.

Puig stated earlier this month that no agreement has been reached and that there is no certainty a transaction will proceed, nor clarity on the terms under which any deal could be completed.