Estée Lauder Companies has offered Marc Puig a co-chairmanship position in a potential merged entity, according to Spanish publication Expansión. The proposal follows months of speculation about a combination between the two beauty giants. No final deal has been reached. Puig, the private company behind brands like Carolina Herrera Beauty, Nars, and Charlotte Tilbury, would gain significant influence over the combined organization's direction. Lauder controls prestige beauty powerhouses including MAC, Clinique, and Bobbi Brown. The co-chairmanship structure suggests Lauder aims to retain founder family involvement while integrating Puig's operational expertise. A merger would create one of the industry's largest independent beauty conglomerates, consolidating fragrance, skincare, and makeup portfolios. The move addresses consolidation pressures facing luxury beauty as independent players compete against LVMH and Kering. Talks remain fluid, with negotiations continuing over governance, valuation, and brand autonomy. Industry observers view the structure as a potential compromise addressing control concerns that typically derail mega-deals. Neither company has confirmed merger discussions.