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Business

Estee Lauder names insider de La Faverie as new CEO to kickstart turnaround

Estée Lauder makeup display in store.

Published : , on

(Reuters) -Estee Lauder named insider Stephane de La Faverie its new CEO on Wednesday, as the company looks to revamp its business amid falling demand for cosmetics and premium fragrances with consumers getting picky with their spending.

De La Faverie, currently the cosmetic giant’s executive group president, oversees high-end fragrance brands such as Jo Malone London, Frederic Malle, Le Labo and Kilian Paris.

He joined Estee in 2011 from L’Oreal and will take on the role from veteran Fabrizio Freda, who announced his retirement in August, on Jan. 1, 2025.

Estee had earlier said Freda would remain as an adviser to his successor in fiscal year 2026.

Freda became CEO in 2009 and was responsible for expanding the company’s skincare portfolio with the addition of brands such as Dr. Jart and The Ordinary owner Deciem.

Following a comprehensive CEO succession planning process, and a thorough review of external and internal candidates, Stephane was the clear choice of the board,” Charlene Barshefsky, presiding board director, said.

The MAC lipstick maker also said William Lauder, the grandson of the company founders and former CEO, would also step down from his current role as executive chairman and remain chair of the board.

As new CEO, de La Faverie will be tasked with reviving sales, especially in China, at a time when demand for even “affordable luxuries” such as lipsticks and perfumes, widely considered recession-proof, are seeing a hit.

Estee is set to report its quarterly earnings on Thursday. In the prior quarter, the company forecast its annual profit and sales below estimates due to weakness in China.

Shares of the company have fallen nearly 40% this year.

(Reporting by Savyata Mishra in Bengaluru; Editing by Shilpi Majumdar)

Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication's content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.

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