Beauty’s power map is being redrawn in real time. On one front, The Estée Lauder Companies is edging closer to a largely stock-based deal with Puig—a move that could bring Marc Puig into the boardroom and reshape governance as much as growth strategy. On the other, L’Oréal has sealed its takeover of Kering Beauté, pulling Creed into its portfolio and locking down decades-long licenses for Bottega Veneta and Balenciaga.
Together, the deals point to an era of scale, strategic alliances and ultra-long-term brand control.
Bloomberg, via Reuters, is reporting that the The Estee Lauder Companies-Puig talks have advanced toward a deal "that would consist mostly of stock."
Per Reuters, Puig executive chairman, Marc Puig, who until recently held the CEO role at Puig, could join the Estee Lauder board as part of the integration.
While the industry awaits confirmation, The Estée Lauder Companies has appointed WPP as its first-ever global media partner, a move that completes the rollout of its “One ELC” operating model and marks a major milestone in its broader Profit Recovery and Growth Plan.
The new partnership shifts the company from a fragmented regional media approach to a unified, AI- and data-driven global system aimed at improving efficiency, precision and measurable returns, per the organization.
Alongside this, Estée Lauder has built out a centralized operating ecosystem with partners like Accenture and Shopify to streamline services and scale direct-to-consumer capabilities.
The company says it has now approved initiatives to reach the high end of its targeted $0.8–$1.0 billion in gross savings under the restructuring plan and remains on track to deliver the majority of benefits by fiscal 2027, while reinvesting in consumer-facing growth.
Meanwhile, L’Oréal is tightening its grip on luxury beauty with the completed acquisition of Kering Beauté—bringing Creed into its orbit—and locking in 50-year fragrance and beauty licenses for Bottega Veneta and Balenciaga, with Gucci set to follow post-Coty.
The move cements L’Oréal’s long-game strategy: pairing heritage maisons with its global R&D, scale and distribution muscle to unlock serious category expansion.
Beyond fragrance, the tie-up signals a broader ambition, with both groups eyeing white space in wellness and longevity via a joint venture.
