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Martial Lauder

Now that ELC’s spring flirtation with Puig is over, investors would very much like it to get back to the long-promised turnaround. But finding buyers for its struggling brands is easier said than done. Plus, why the real narrative on the merger talks just won’t go away.

Stephane de La Faverie
Stéphane de La Faverie in London in March 2025. Photo: Jaimi Joy/Bloomberg/Getty Images
Rachel Strugatz
June 3, 2026

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Now that The Estée Lauder Companies’ merger-that-wasn’t with Puig is in the rearview, America’s largest family-controlled beauty company can focus on completing C.E.O. Stéphane de La Faverie’s long-gestating corporate turnaround. Beyond an additional 3,000 or so layoffs that have to be approved by the end of Lauder’s fiscal year (bringing total reductions to 10,000), some major changes to distribution, and wins in select categories (namely fragrance), the market is eagerly waiting for the business to start offloading a handful of underachieving brands so it can once again meaningfully participate in M&A.