Key sticking point to building beauty powerhouse was level compensation demanded by Charlotte Tilbury
The US cosmetics company Estée Lauder has ended talks with its Spanish rival Puig about a merger that would have created a fashion and beauty group worth almost $40bn (£30bn).
Estée Lauder, one of the world’s biggest manufacturers of skincare, makeup and fragrances, owns brands including Clinique, Bobbi Brown and Tom Ford Beauty.