Puig continues with negotiations with the American group Estée Lauder for a possible merger, but admits that there is no guarantee that the operation will go ahead. “As long as there is no agreement, it cannot be guaranteed that there will be an operation or its terms,” reiterated the Catalan fragrance multinational in its communication to the CNMV of the results up to March.
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In the conference with analysts about these results, Puig’s CEO, José Manuel Albesa, emphasized that “I can only confirm that negotiations are ongoing, but no agreement has been reached.”
The company recorded sales of 1.215 billion euros in the first three months of the year, an increase of 4.7%
After the confirmation of the talks between Puig and Estée Lauder on March 23, little more has emerged about the operation, beyond the fact that key details remain to be resolved regarding the capital structure or the participation in the board of directors of the resulting group, as well as the role of the Barcelona headquarters in the new organizational chart. Questioned about this by analysts, Albesa insisted that, despite the “curiosity about the potential transaction,” as long as “no agreement is reached we will not comment on the operation or its terms.”
The company chaired by Marc Puig recorded sales of 1.215 billion euros in the first three months of the year, which represents an increase of 4.7% in comparable terms with the same period in 2025. Owner of brands such as Carolina Herrera, Jean Paul Gaultier, Paco Rabanne, or Charlotte Tilbury, the group experienced advances in all three business segments. The fragrances and fashion division, which contributes 72% of the turnover, increased its sales by 3.9% in fragrances and fashion. Revenues from the skincare segment grew by 4.7%, while those from the makeup division grew by 9.2%.
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While negotiations with Estée Lauder continue, Puig is undergoing a reshuffle of its board of directors, from which the president of Banc Sabadell, Josep Oliu, will leave seven months before the end of his term. Oliu, who held this position since 2002, voluntarily leaves the board due to the approaching expiration of his term, although he will remain closely linked to the group as president of the board of Exea, the Puig family holding company that consolidates the shares of the listed company.
Albesa will now join the board, as well as an independent director, Julie van Ongevalle, president of the pharmaceutical company Opella and previously linked to Estée Lauder.
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