Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Scarlet Fu and Isabelle Lee -Deborah Aitken, Bloomberg Intelligence Luxury Goods Analyst, discusses Estée Lauder and Puig ending merger talks. Estée Lauder said it remains focused on its Beauty Reimagined strategy. -George Ferguson, Bloomberg Intelligence Senior Aerospace, Defense, &amp; Airlines Analyst, discusses SpaceX’s IPO. According to Bloomberg Intelligence: SpaceX dominates global spaceflight, but most missions support its own satellite-internet business rather than external customers, slowing launch-revenue growth in 2026 despite a $4.1 billion base in 2025. -Liz Hart, President of Leasing for North America at Newmark, discusses the state of commercial real estate. Topics include economic uncertainty, consumer sentiment, and office space. See omnystudio.com/listener for privacy information.

Estée Lauder and Puig End Merger Talks  

Bloomberg Intelligence

# Full Transcript

**Podcast:** Bloomberg Intelligence

## Participants

- **Scarlet Fu** (Bloomberg)
- **Isabelle Lee** (Bloomberg Intelligence)
- **Deborah Aitken** (Bloomberg Intelligence)
- **George Ferguson** (Bloomberg Intelligence)
- **Liz Hart** (Newmark)

## Transcript

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You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10 a.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts or watch us live on YouTube. All right, let's go to one of the deals stories that had been, you know, really supporting this idea that deal making is back with a vengeance.

Estee Lauder and Pouge. It's a Spanish cosmetics company, luxury brands company, really, in talks to merge. Those merger talks seem to have fallen apart. Deb Aiken is our luxury goods analyst joining us right now from London. Deb, what can you tell us about why these discussions collapsed? Hi. The rumors in the market, the comments in the market are around the brand, which is 78, 79%

owned by Pooj, Charlotte Tilbury. And that there is, you know, there's a put call option in place until 2031 with a view that perhaps more was expected in terms of valuation from the original owner. But really, we don't know that it is that. And there was a lot riding on this deal coming together, really, given that Estee Lauder was amid a big strategic overhaul under its CEO,

Stefan de la Fevere. So, you know, there are a lot of things going on. Also, the added risks in the market, too, with what's happening in Iran, the knock-on impact onto travel retail, which has been with us since the middle of March. So many different things, really. Where does Estee Lauder go from here on out then? Because they're left to focus on revi...

Estée Lauder and Puig End Merger Talks

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Estée Lauder and Puig End Merger Talks

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.