Estée Lauder president and CEO Stéphane de La Faverie confirmed that a proposed merger with Jean Paul Gaultier-owner Puig collapsed due to pricing disagreements, though the company remains open to future deals. Speaking at a Deutsche Bank conference in Paris, de La Faverie said the price was not right, adding the company would continue to explore opportunities. The Clinique and Mac owner, which announced plans in May to cut up to 10,000 jobs as part of its “Beauty Reimagined” strategy targeting $1.2 billion in annual savings, said it would remain open to acquisitions meeting its growth and profitability criteria.

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