The Estée Lauder Companies Inc. (NYSE: EL) and Puig announced they have terminated discussions regarding a potential business combination, according to a company statement.

The companies confirmed on March 23, 2026, that they were in discussions about a potential deal, but noted no assurances could be made regarding an agreement or its terms unless a contract was signed.

Estée Lauder said it remains focused on executing its Beauty Reimagined strategy. "We are grateful for the conversations we have had with Puig," said Stéphane de La Faverie, President and Chief Executive Officer of The Estée Lauder Companies. "Today, we are reiterating our confidence in the power of our incredible brands, our talented teams, and our strength as a standalone company."

The cosmetics company stated it continues to evaluate its portfolio for potential acquisitions and divestitures. De La Faverie said the company aims to drive sustainable sales growth, expand profitability, and deliver double-digit adjusted operating margins while creating long-term shareholder value.

Estée Lauder manufactures and markets skin care, makeup, fragrance, and hair care products. The company's brands include Estée Lauder, Clinique, M·A·C, La Mer, and TOM FORD, among others. Its products are sold in approximately 150 countries and territories.