On Wednesday, the company said it had appointed a longtime employee, Stephane de la Faverie, as its new chief executive officer and president. He will take the helm at Estée on Jan. 1.
Estée Lauder shares plunged more than 20% on Thursday after the cosmetics giant withdrew its full-year earnings forecast and revealed weak demand for its luxury fragrance and cosmetic products.
On Wednesday, the company said it had appointed a longtime employee, Stephane de la Faverie, as its new chief executive.Amazon workers 'appalled' by top exec's explanation for 5-day return to office policyThe leadership change is an attempt to give the company a major makeover as it suffers from a consumer spending slowdown in major markets, particularly China.
China’s government earlier this month pledged stimulus to help the economy recover, but analysts and investors have warned it will likely take time for that money to work its way from consumers to businesses.The beauty and luxury goods sectors have struggled in recent quarters as Chinese consumers have cut back on non-necessity spending.
Last week, European rival L’Oreal missed quarterly sales expectations and flagged low spending on beauty products in the region, as well as disappointing travel retail results.The region including China was LVMH’s worst performer. LVMH’s US division did not fare much better.
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