Estée Lauder is in advanced discussions to acquire Spain’s Puig, a move that could create a multinational beauty powerhouse. The acquisition, if finalized, would merge Estée Lauder’s global footprint with Puig’s portfolio, which includes luxury brands like Carolina Herrera and Charlotte Tilbury. The deal values Puig at approximately $10 billion, signaling intensified competition in the high-end cosmetics sector. Estée Lauder has not commented on the negotiations, but sources indicate the merger aims to strengthen the combined entity’s presence in European markets and diversify its offerings beyond North America.

Analysts suggest the transaction could reshape industry dynamics, as both companies hold iconic labels with devoted customer bases.