Rolling coverage of the latest economic and financial news
US cosmetics group Estée Lauder and Spanish perfumery Puig have ended merger talks that would have created a $40bn beauty giant.
Estée Lauder said on Thursday that “the parties have terminated discussions regarding a potential business combination”.
We have one of the most powerful portfolios of prestige beauty brands in the world ... and we believe we are uniquely positioned to drive sustainable long-term growth globally.
We are starting to see signs that concerns over the Middle East conflict and its impact on living costs are leading shoppers to rein in their spending in many areas.
…Discretionary spend is likely to drop further as the cost of living squeeze worsens. To protect consumers and support economic growth in the months ahead, government should avoid further inflationary pressures through domestic policy costs. It can start by cutting non-commodity energy charges, which include the taxes and levies that account for two thirds of retailers’ energy bills, and addressing the triple packaging tax that affects all retailers and their supply chains.”
There’s been a tentative improvement in the closely watched GfK index, though it remains deep in negative territory, rising to -23 in May from -25 in April. Many households, though, have been forced to dip into cash stashes to deal with rising prices, with the savings gauge plunging. Emergency pots will only last so long, and once more bills start to rise, there could be a fresh tightening of spending ahead.
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Rolling coverage of the latest economic and financial newsUS cosmetics group Estée Lauder and Spanish perfumery Puig have ended merger talks that would have created a $40bn beauty giant.Estée Lauder said on Thursday t...
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