A deal that could have put Clinique, Charlotte Tilbury and Jean Paul Gaultier under one roof is off

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Estee Lauder and perfume maker Puig have ended merger talks that would have potentially put brands like MAC, Clinique, Charlotte Tilbury and Jean Paul Gaultier under one roof.

Estee Lauder Cos. confirmed the discussions in March but said at the time that no agreement had been reached with the century-old Spanish company.

“We are grateful for the conversations we have had with Puig,” Estee Lauder CEO Stéphane de La Faverie said in a prepared statement late Thursday. “Today, we are reiterating our confidence in the power of our incredible brands, our talented teams, and our strength as a standalone company."

The New York-based company said in February 2025 that it could possibly cut as many as 7,000 jobs by fiscal 2026, more than 11% of its workforce. De La Faverie said at the time that Estee Lauder was transforming its operating model to be “leaner, faster, and more agile.”

Puig oversees makeup, skin care and fragrance brands like Nina Ricci, Jean Paul Gaultier and Dr. Barbara Sturm. The company went public on the Madrid Stock Exchange in early 2024.

Shares of Estee Lauder jumped more than 12% in early trading Friday.