The proposed multibillion-dollar transaction fell apart due to makeup artist Charlotte Tilbury’s demands regarding her compensation in the deal, according to people familiar with the matter. While both companies separately issued statements saying discussions were over on Thursday, neither elaborated on the reason.
(May 22): Puig Brands SA plunged on Friday following the collapse of a proposed combination with Estee Lauder Cos that would have created one of the world’s largest fragrance and skincare companies.
Shares of the Spanish group fell 15% in Madrid, the most on record since the company floated in 2024. The news caught investors by surprise given discussions between the two had been progressing since March.
