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An Estee Lauder pop-up store is seen inside Daimaru Department Store on Pedestrian Street on Nanjing Road in Shanghai, China, August 6, 2021.
Coast Photo | Future Publishing | Getty Images
Beauty company Estée Lauder Companies She said on Monday that she was in talks with the Spanish beauty group Puig Due to the possibility of merging the two companies.
“No final decision has been made and no agreement has been reached,” Estée Lauder said in a statement.
Shares of the US beauty company fell nearly 8% after the news was first reported by the Financial Times. Puig stock rose nearly 3%.
Puig owns major beauty brands including Charlotte Tilbury, Jean Paul Gaultier and Rabanne. The companies did not reveal any financial details of the potential deal.
Estée Lauder is struggling amid persistent headwinds from tariffs and restructuring as it enacts its “Beauty Reimagined” transformation plan to revitalize the business. In its second-quarter earnings report last month, the cosmetics retailer said it expects to lose $100 million to its full-year profitability due to the effects of the tariffs.
Estée Lauder stock is down nearly 25% this year.
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