LONDON – Fragrance and fashion company Puig has declined to comment on a report in the Spanish economic and business publication Expansión that Charlotte Tilbury is disrupting its ongoing negotiations to merge with The Estée Lauder Cos.
According to the Spanish title, Tilbury is looking to renegotiate her contract with Puig on terms more favorable to her and potentially to exit the company she founded before the pre-determined date of 2031.
The story quotes unnamed sources, and neither Puig, nor Estée Lauder, gave a comment to the Spanish title.
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Puig acquired Tilbury’s business in 2000 for an estimated price of 1.2 billion pounds, or around five times revenues. It owns 78.5 percent of the British brand, while Tilbury holds the remaining 21.5 percent.
Per a series of call and put options pegged to the performance of Tilbury’s business, Puig is set to buy Tilbury’s stake and reach 100 percent ownership between now and 2031.
The contract also gives Tilbury the right to trigger the sale of her 21.5 percent stake in a single, immediate transaction. The Spanish newspaper said if Tilbury were to make that move, it would force Puig to pay “several hundred million euros that Estée Lauder would not be willing to assume.”
WWD has reached out to Estée Lauder for comment.
As reported in 2024, Puig acquired an additional 5.4 percent of Tilbury’s business for 215 million euros, valuing the business at 4 billion euros. At that same valuation, Tilbury would take home 850 million euros if she were to trigger a full-blown sale.
The contract between Puig and Charlotte Tilbury also includes an earn-out, or deferred payments based on business performance. The newspaper said that because of the business’ current performance, she’s not entitled to the earn-out this year.
As reported, merger talks between Puig and Lauder were first revealed in filings on March 23. If they do come together, the new beauty powerhouse would have just over $20 billion of estimated combined sales, making it the largest premium beauty player worldwide.
“We can confirm that conversations are ongoing, but no final decision has been made yet,” said Jose Manuel Albesa during his first earnings call with financial analysts and journalists since becoming Puig chief executive officer on March 17.
In February, Puig reported that fourth-quarter 2025 sales grew 6.2 percent in reported terms and 9.8 percent on a like-for-like basis, spurred by its makeup busienss. The owner of the Rabanne, Carolina Herrera and Jean Paul Gaultier fragrance and fashion brands reported sales of 1.45 billion euros in the three months ended Dec. 31, 2025.
Makeup was Puig’s strongest-growing segment in 2025. It represented 17 percent of group sales, making 845 million euros, a 10.7 percent increase in reported terms and 13.7 percent gain on an organic basis. Charlotte Tilbury contributed most to that, with Puig calling the brand’s performance “exceptional.”
Charlotte Tilbury kept its number-one prestige makeup ranking in the U.K. and third place in the U.S. Puig said Charlotte Tilbury is underdeveloped distribution-wise. The brand will enter a few Boots stores in the U.K. for the first time this year. “It’s proof that the brand still has legs to grow,” Puig said.
