Puig Buys ISDIN for €1.2B, Caudalie Takes Stake in Talm

Major M&A Activity Reshapes Beauty Portfolios

Puig completed its full acquisition of the skincare brand ISDIN in a transaction valued at €1.2 billion. This move follows a trend of portfolio adjustments within the global beauty sector. Additionally, Caudalie Group purchased a majority stake in Talm, a French skincare company.

Other significant M&A discussions included Colgate-Palmolive exploring a potential US$1 billion sale of personal care brands and Blackstone considering a US$2 billion sale of ZO Skin Health. Activist investor Barington Capital also urged Bath & Body Works to investigate a potential sale, indicating a dynamic M&A environment across the industry.

Corporate Valuations Shift, Amorepacific Sets Ambitious Target

L’Oréal surpassed LVMH to become France’s most valuable listed company, reflecting shifts in market capitalization among luxury and beauty conglomerates. This change coincided with a reported slowdown in luxury demand, which saw Bernard Arnault drop from the world’s top 10 wealthiest individuals.

In another significant corporate development, Kimberly-Clark began selling assets as it sought European Union approval for its US$40 billion acquisition of Kenvue. Coty also agreed to continue payments to its former Chief Financial Officer through June 2027 following a recent leadership transition.

Meanwhile, South Korean beauty giant Amorepacific outlined a long-term goal to achieve KRW15 trillion in sales by 2035, signaling aggressive growth plans.

Brands Expand Globally, Ingredient Innovation Continues

International market expansion remained a focus for several brands. e.l.f. Cosmetics entered the Brazilian market through an exclusive partnership with Sephora. Diane Perfect Beauty increased its distribution in the United States by launching at Target stores. Hunter expanded into men’s grooming with an exclusive partnership with Boots.

Supply chain and ingredient innovation also saw new developments. Unilever joined the PaperFlex Consortium to support scalable paper-based alternatives for flexible plastic packaging. TRAFFIC and Biodiversify introduced the Wild Harvest Improvement Project (WHIP) framework, designed to strengthen supply chains for wild-harvested ingredients.

Inolex launched SustOleo™ Embrace, a silicone-free sensory enhancer that combines skin-smoothing properties with enhanced fragrance retention.

New Regulations and Legal Disputes Impact Key Markets

Regulatory changes affected Asian markets, with Pakistan’s Senate science and technology committee approving the General Cosmetics Bill 2026, aiming to strengthen national cosmetics regulation. In Europe, Beiersdorf CEO Vincent Warnery cautioned that increasing EU regulation could reduce the competitiveness of the European cosmetics industry.

Legal challenges also continued globally. Estée Lauder’s counterfeit lawsuit against Walmart progressed, while Shiseido sued Aldi China over a lookalike beauty product under the LACURA brand. Arizona filed a lawsuit against L’Oréal regarding alleged cancer risks associated with hair relaxers.

Amway sued an Amazon seller for alleged unauthorized product sales, and Wild Child Laboratories faced legal action concerning SPF claims linked to recalled sunscreen products. In brand closures, RAW Skincare announced it will cease operations after nearly a decade, ending its plant-based skincare brand known for refillable packaging.