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.
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.
