Estée Lauder and Spain’s Puig are advancing talks toward a stock-heavy combination that would unite brands including Mac, Le Labo, Charlotte Tilbury, and Byredo. The talks, confirmed by both firms on March 23, remain ongoing and could still fall apart. The tie-up would combine Estée Lauder's roughly $27 billion market value with Puig’s 9.8 billion euros ($11 billion) valuation. Under the proposed deal, Puig Executive Chairman Marc Puig would join the board. Estée Lauder has been undergoing a turnaround under CEO Stéphane de La Faverie.

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