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Deal That Could Have Put Clinique, Charlotte Tilbury and Jean Paul Gaultier Under One Roof Is Off

A Charlotte Tilbury beauty counter is seen at the John Lewis retail store on Oxford Street in London, Britain, October 24, 2024. (Reuters)
A Charlotte Tilbury beauty counter is seen at the John Lewis retail store on Oxford Street in London, Britain, October 24, 2024. (Reuters)
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Deal That Could Have Put Clinique, Charlotte Tilbury and Jean Paul Gaultier Under One Roof Is Off

A Charlotte Tilbury beauty counter is seen at the John Lewis retail store on Oxford Street in London, Britain, October 24, 2024. (Reuters)
A Charlotte Tilbury beauty counter is seen at the John Lewis retail store on Oxford Street in London, Britain, October 24, 2024. (Reuters)

Estee Lauder and perfume maker Puig have ended merger talks that would have potentially put brands like MAC, Clinique, Charlotte Tilbury and Jean Paul Gaultier under one roof.

Estee Lauder Cos. confirmed the discussions in March but said at the time that no agreement had been reached with the century-old Spanish company.

“We are grateful for the conversations we have had with Puig,” Estee Lauder CEO Stéphane de La Faverie said in a prepared statement late Thursday. “Today, we are reiterating our confidence in the power of our incredible brands, our talented teams, and our strength as a standalone company."

The New York-based company said in February 2025 that it could possibly cut as many as 7,000 jobs by fiscal 2026, more than 11% of its workforce. De La Faverie said at the time that Estee Lauder was transforming its operating model to be “leaner, faster, and more agile.”

Puig oversees makeup, skin care and fragrance brands like Nina Ricci, Jean Paul Gaultier and Dr. Barbara Sturm. The company went public on the Madrid Stock Exchange in early 2024.

Shares of Estee Lauder jumped more than 12% in early trading Friday.

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Fashion

Sources: Shein Aims to IPO on September 1

FILE PHOTO: Packs of clothing are displayed at a garment factory for Shein in Panyu District, Guangzhou, Guangdong province, China, July 27, 2026. REUTERS/Go Nakamura/File Photo
FILE PHOTO: Packs of clothing are displayed at a garment factory for Shein in Panyu District, Guangzhou, Guangdong province, China, July 27, 2026. REUTERS/Go Nakamura/File Photo
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Sources: Shein Aims to IPO on September 1

FILE PHOTO: Packs of clothing are displayed at a garment factory for Shein in Panyu District, Guangzhou, Guangdong province, China, July 27, 2026. REUTERS/Go Nakamura/File Photo
FILE PHOTO: Packs of clothing are displayed at a garment factory for Shein in Panyu District, Guangzhou, Guangdong province, China, July 27, 2026. REUTERS/Go Nakamura/File Photo

Shein aims to launch its Hong Kong initial public offering on Monday, according to a source familiar with the matter, and is targeting a listing on September 1, two other sources said, slightly later than previously planned.

While September 1 is the target date, the listing could happen a few days later, one ⁠of the sources ⁠said. Reuters reported last week that Shein had been aiming to list on August 28.

The delay, first reported by the South China Morning Post, comes as slower growth and rising costs have dampened investor appetite for Shein.

The online fast-fashion retailer was ⁠seen just a few years ago as a disruptive challenger to established retailers such as H&M and Zara, thanks to its rapid supply chain and ultra-low prices.

Among cornerstone investors in the IPO is the asset management arm of UBS Group, which would be investing in Shein for the first time, according to a fourth source with direct knowledge of the matter.

A spokesperson for the Swiss bank declined to comment.

Cornerstone investors ⁠agree to ⁠buy a set amount of shares before an IPO, and sign up to a lockup period of six months.

Shein is targeting a valuation of $26 billion to $27 billion, the fourth source said, down sharply from the $100 billion valuation it achieved in a private fundraising in 2022.

The company had previously sought an IPO valuation of $30 billion to $40 billion when investor meetings ahead of the IPO first kicked off.

Shein did not respond to a Reuters request for comment.

Fashion

France Fines UK Fashion Site Boohoo Over Fake Discounts

FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
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France Fines UK Fashion Site Boohoo Over Fake Discounts

FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

French regulators said Thursday that they had fined the UK fast-fashion site Boohoo 2.33 million euros ($2.7 million) after finding "deceptive trade practices" including fake sale prices.

An inquiry by France's anti-fraud and consumer watchdog DGCCRF found that clothes and other items were often promoted as discounts, when in fact they were not, or at misleading sale prices.

Other ads described items as leather or suede that were actually made of synthetic materials.

"The use of discounted pricing and permanent sales gave clients the impression they were getting very good deals, and were likely to influence their purchases," AFP quoted the fraud agency as saying.

It found that among the hundreds of items it checked, 40 percent in fact were not actually on sale, seven percent had reduced prices that did not match the discount advertised, and 48 percent were actually more expensive than originally.

"In total 95 percent of the ads were not compliant," the DGCCRF said.

Online retailer Boohoo is part of Debenhams Group. In 2021, Boohoo bought the British department store brand out of bankruptcy and took on its name.

Debenhams also now owns the brands Karen Millen, boohooMAN and PLT.

Fashion

Estee Lauder Forecasts Annual Profit Above Estimates on Strong China Demand

An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
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Estee Lauder Forecasts Annual Profit Above Estimates on Strong China Demand

An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)

Estee ‌Lauder forecast annual profit above Wall Street estimates on Wednesday, betting on sustained spending on premium fragrances and strong performance in key markets such as China, reflecting persistent gains from its CEO's turnaround strategy.

Resilient spending by affluent ‌and younger ‌customers, especially on trendy ‌items, ⁠has helped boost ⁠demand for the cosmetics maker's luxury fragrances and skincare products such as Le Labo and Balmain Beauty.

To sustain that momentum, Estee ⁠has accelerated premium product launches, ‌streamlined ‌supply chain and ramped up investments in ‌innovation and marketing under ‌CEO Stephane de La Faverie's "Beauty Reimagined" strategy.

The Clinique and M.A.C owner, whose merger conversations with Jean ‌Paul Gaultier-owner Puig collapsed in May, expects 2027 adjusted ⁠earnings ⁠per share in the range of $3.10 to $3.35, with its midpoint above analysts' average estimate of $3.18 per share, according to data compiled by LSEG.

The company's quarterly sales of $3.63 billion were also ahead of the estimate of $3.54 billion.