Puig explored beauty tie-up with Kering before Estée Lauder talks

Puig, the owner of Byredo and Charlotte Tilbury, revealed that it had been approached by Kering before later entering discussions with The Estée Lauder Companies, with neither set of talks resulting in a deal.

Speaking at Puig's annual general meeting in Madrid on 29 May, Executive Chairman Marc Puig said Kering had approached the company about a long-term licensing arrangement for its beauty brands in exchange for a minority stake in Puig and a cash consideration, according to WWD.

"Those discussions, however, did not result in a transaction," Marc Puig said.

After the Puig talks fell through, Kering pursued a different route. In October 2025, it announced a long-term strategic partnership with L'Oréal. That deal included L'Oréal's acquisition of the House of Creed, exclusive licences for Gucci, Bottega Veneta and Balenciaga beauty and fragrance products, and an exclusive venture to explore opportunities in wellness.

Marc Puig said US beauty group The Estée Lauder Companies later approached Puig about combining the two family-controlled businesses.

"We made it clear, as we are not for sale, the combination that was being explored would have required alignment on three key aspects for the potential merger: governance, business leadership and economic terms that would appropriately value the company and be fair to all stakeholders," he said.

The two companies publicly confirmed talks on 23 March. On 21 May, they said discussions had ended.

"Ultimately, however, we were unable to reach an overall solution that satisfied both parties, and we therefore agreed that it was best to end the discussions," Marc Puig said.

The disclosures underline Puig's status as one of the few scaled, independent beauty platforms still under family control, a position likely to attract luxury groups seeking fragrance and cosmetics expertise and distribution.

José Manuel Albesa, CEO of Puig, said after the Lauder talks ended: "We will continue to take a highly selective and value-focused approach to mergers and acquisitions in order to further complement our portfolio."