Puig Falls After Estee Lauder Deal Fails Amid Tilbury Strain (3)

Puig Brands SA plunged on Friday following the collapse of a proposed combination with Estee Lauder Cos.that would have created one of the world’s largest fragrance and skincare companies.

Shares of the Spanish group fell 15% in Madrid, the most on record since the company floated in 2024. The news caught investors by surprise given discussions between the two had been progressing since March.

The proposed multibillion-dollar transaction fell through in part due to demands by makeup artist Charlotte Tilbury’s demands regarding her compensation in the deal, according to people familiar with the matter. While both companies separately ...