Estee Lauder Could Face Competition to Merge With Puig -- Market Talk

Dow Jones03-24

0626 GMT - Estee Lauder's talks to merge with Spanish beauty group Puig Brands come as a surprise, and potential interest from other industry players could emerge, J.P. Morgan analysts say in a research note. "We are surprised that the Puig family will relinquish independence and majority control--even if it retains its economic interest--of the 112-year old group and given the recent market introduction," the analysts say. "Also, we think such a development is intriguing given recent governance changes--Marc Puig becoming chairman and the appointment of a new CEO." A potential deal might raise antitrust questions for the U.S. prestige makeup market, given that Estee Lauder is a leading player and Puig's Charlotte Tilbury is the No. 3 brand in that segment, according to JPM. Estee Lauder shares closed 7.7% lower on Monday, while Puig's gained 3.6% before news of the talks broke. (adria.calatayud@wsj.com)

(END) Dow Jones Newswires

March 24, 2026 02:26 ET (06:26 GMT)

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Morgan analysts say in a research note. \"We are surprised that the Puig family will relinquish independence and majority control--even if it retains its economic interest--of the 112-year old group and given the recent market introduction,\" the analysts say. \"Also, we think such a development is intriguing given recent governance changes--Marc Puig becoming chairman and the appointment of a new CEO.\" A potential deal might raise antitrust questions for the U.S. prestige makeup market, given that Estee Lauder is a leading player and Puig's Charlotte Tilbury is the No. 3 brand in that segment, according to <a href=\"https://laohu8.com/S/JPM\">JPM</a>. Estee Lauder shares closed 7.7% lower on Monday, while Puig's gained 3.6% before news of the talks broke. 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