Marc Puig confirms at Puig's general shareholders' meeting that Estée Lauder has not been the only giant interested in acquiring the firm. Before Estée Lauder's interest became public, according to what President Puig explained, he revealed that the company was also in contact with Kering.
According to 20minutos, Kering was the first company to approach Puig. The proposal contemplated a long-term license agreement for its beauty brands, in exchange for a minority stake in Puig and economic compensation.
Marc Puig, independently, wanted to emphasize that the company "is not for sale" and that any agreement should be based on three pillars: governance, business leadership, and fair economic conditions for all parties.
The company's president explained that the interest shown by both Kering and Estée Lauder is proof of the prestige achieved by the company within the industry.