Estee Lauder said sales in China decreased primarily due to ongoing softness in overall prestige beauty segment as spending during holiday and key shopping moments remained strained
forecast 2025 profit and sales below estimates as the global beauty market struggles with slowing demand, and said long-time CEO Fabrizio Freda was retiring, sending its shares down 10 per cent in premarket trading.
European peer L’Oreal, which missed sales expectations for the most recent quarter, also flagged that the global beauty market was growing slower than expected, and highlighted the lack of a rebound in the China market. On Monday, Estee said the board was considering internal and external candidates as part of its CEO succession planning.
The company expects fiscal 2025 sales to be between a fall of 1 per cent and a 2 per cent rise, compared with an analyst estimate of a 6.43 per cent rise, according to LSEG data.
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