Estee Lauder has denied reports that it is putting itself up for sale.
The beauty brand has spoken out after The Times reported that it was working on a sale with bankers at Goldman Sachs and Evercore, saying that L'Oreal was a key candidate to snap-up the company.
A spokesperson for the company said there was "no truth to these rumours".
The reports come after Estee Lauder reported its strongest quarterly sales growth for three years.
Make-up sales jumped 16 per cent to $1.3bn (£1bn), and net sales were up nine per cent to $2.89bn.
Chief executive Fabrizio Freda said the company's success was partly to do with millennials, who want to be "pulled in" by the beauty industry.
As part of its bid to lure younger shoppers, Estee Lauder has been using celebrities such as Kendall Jenner to front its campaigns. It has also been buying up brands favoured by millennials, such as Too Faced and Becca Cosmetics.
The two acquisitions were part of a $2bn spending spree by Estee Lauder buying up or investing in other companies over the last three years.