Estée Lauder Buying Puig Doesn't Pass the Smell Test

When Estée Lauder Cos. acquired the Tom Ford luxury and beauty house three years ago, it bought a business model similar to its latest acquisition target, Spain’s Puig Brands SA. But a purchase of Puig, which has a market value of about €10 billion ($11.6 billion), doesn’t pass the smell test for th...

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